P&G will receive $4.7 billion worth of P&G shares currently owned by Berkshire Hathaway
A lot of mergers and acquisitions have been on the go since this year started and it appears that we are going to miss a couple of big brand names. In an announcement made recently, it has been made official that the Duracell brand of batteries from Procter & Gamble is going to be acquired by Berkshire Hathaway.
Buy Now: Sony PlaysStation VR In Stock Here
This is no ordinary deal and P&G is going to be on the receiving end of the $4.7 billion in exchange for the P&G shares which are owned by Berkshire Hathaway. CEO of Berkshire Hathaway,Warren Buffett, said in a statement that "I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette. Duracell is a leading global brand with top-quality products, and it will fit well within Berkshire Hathaway.”
The deal is expected to reach its completion by the second half of 2015.
P&G CEO A.G. Lafley said "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."
Don't Miss: Nintendo Switch: Everything You Need To Know