Tags: warren buffett | berkshire hathaway | arsenal | charter

Buffett's Berkshire Extends Energy Bet in Deal for Arsenal's Charter

Friday, 12 December 2014 08:00 PM

Berkshire Hathaway Inc. agreed to buy Charter Brokerage from Arsenal Capital Partners as Chairman Warren Buffett extends bets in energy as oil prices tumble.

Charter provides logistics to the petroleum and chemical industries, according to a statement Friday from Omaha, Nebraska-based Berkshire that didn’t disclose terms.

The deal is the second announced by Buffett’s company this month in the energy industry.

Berkshire’s Lubrizol said Dec. 1 that it agreed to buy two units from Weatherford International Plc for at least $750 million after the seller was squeezed by lower oil prices. That purchase includes a business that sells additives used in fracking.

“Charter Brokerage is a high quality business with consistently strong financial performance that fits well within Berkshire,” Buffett, 84, said in the statement.

Arsenal invests in healthcare and specialty industrial companies. The New York-based firm has about $1.7 billion of committed equity capital, according to the statement.

Morgan Stanley was the banker for Charter, which got legal advice from Kirkland & Ellis LLP. Munger Tolles & Olson LLP provided legal advice to Berkshire.


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Berkshire Hathaway Inc. agreed to buy Charter Brokerage from Arsenal Capital Partners as Chairman Warren Buffett extends bets in energy as oil prices tumble.
warren buffett, berkshire hathaway, arsenal, charter
175
2014-00-12
Friday, 12 December 2014 08:00 PM
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