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Berkshire Hathaway to buy insurer Alleghany for $11.6 billion


Wall Street Journal: Berkshire Hathaway Inc. today said it agreed to buy insurer Alleghany Corp. for about $11.6 billion, as billionaire Warren Buffett’s investment vehicle puts some of its massive cash pile to work in a deal that bolsters its insurance arm. Berkshire said it will pay $848.02 a share in cash for Alleghany, a 25.3% premium to Friday’s closing price of $676.75 and a multiple of 1.26 times the New York company’s book value at the end of 2021.

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