Berkshire Hathaway to buy Duracell from P&G


Berkshire Hathaway announced Thursday it has acquired the Duracell battery business from Procter & Gamble.

In addition to the deal, P&G will receive shares of P&G's common stock currently held by Berkshire, which has a current value of nearly $4.7 billion. Procter & Gamble is one of Berkshire Hathaway's biggest stock holdings.

P&G said it would contribute about $1.7 billion in cash to recapitalize Duracell before the transaction.

Read More Berkshire Hathaway's 15 Biggest Stock Holdings

The transaction is expected to close in the second half of next year.

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

Read More 10 top brands Warren Buffett's Berkshire Hathaway owns

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts