OMAHA, Neb. (AP) - Warren Buffett's Berkshire Hathaway Inc. is buying specialty chemicals company Lubrizol Corp. for about $9 billion in cash, making it one of the biggest acquisitions in Berkshire's history.
The companies said Monday that the transaction also includes about $700,000 in net debt. Berkshire will pay $135 per share, a 28 percent premium to Lubrizol's Friday closing stock price of $105.44.
Buffett said last week he was looking for more big acquisitions to boost Berkshire's earnings power. Last year, Berkshire Hathaway acquired railroad Burlington Northern Santa Fe for more than $26 billion.