Berkshire Hathaway acquires Duracell

Berkshire Hathaway has acquired the Duracell battery business from Procter & Gamble for $1.7 billion.

P&G will receive shares of P&G’s common stock currently held by Berkshire Hathaway having a current value of approximately $4.7 billion. The transaction is expected to close in the second half of 2015.

“I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette,” said Warren Buffett, Berkshire Hathaway chief executive officer (CEO). “Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway.”

A.G. Lafley, P&G CEO, added: “We thank the Duracell employees for their many contributions to the business. They’ve made Duracell the global market leader in the battery category. I’m confident this new ownership structure will provide strong support for Duracell’s future growth plans.”