It has been confirmed that Warren Buffett’s Berkshire Hathaway Inc. has acquired Alleghany Corp. for $11.6 billion.
The new acquisition will belong to a portfolio of companies under the umbrella of Berkshire Hathaway, including Geico-another insurance carrier.
“Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years,” Buffett explained in a statement Monday.
Berkshire agreed to a 25-day shop period in order for Alleghany to see if there is a better deal in the market.