Warren Buffett Acquires Pilot Flying J
Warren Buffett's Berkshire Hathaway has made another big buy. It's just been announced that Berkshire Hathaway will be acquiring Pilot Flying J, the US's largest truck stop operator. The chain owns 750 truck stops.
Berkshire has actually acquired a 38.6% minority stake that will eventually see them become the majority shareholder in 2023 when they acquire an additional 41.4% equity stake. The Haslam family will retain a 20% ownership stake. The company sees around $20 billion in revenue and has over 26,000 employees.
In a statement, Buffett said that, "The company has a smart growth strategy in place and we look forward to a partnership that supports the trucking industry for years to come."
For more from this investor, we posted a recent Warren Buffett's interview on a myriad of topics.