The energy unit of Warren Buffett’s Berkshire Hathaway, the second largest US clean power owner, will pay about $3.9bn for the minority 8% stake held by the family of a late board member.
In a regulatory filing Tuesday, Berkshire Hathaway Energy (BHE) said it is buying more than 4.4 million shares from “certain family members and related or affiliated entities of the late Mr Walter Scott,” who died in 2021, and a $100m bond maturing in 2057.
BHE bought the stake with $2.37bn in cash, exchange of a certain number of Berkshire Class B shares for 1.6 million of its shares held by the Scott family, and issuance of a $600 million, one-year note.
On 1 January, BHE’s competitive energy business and electric utilities owned 14.81GW of clean power capacity, second only to industry pacesetter NextEra Energy. This included 12.82GW of wind, 1.75GW of grid-scale solar, and 233MW of storage.
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