[新聞] 老巴睽違數年終於收購公司啦！
https://cnb.cx/36z13mG
波克夏現在也逆勢噴發中
重點整理：
標的Alleghany 是專營房屋產權保險的公司
老巴以每股848.02鎂、含16%溢價的價格收購，總價116億鎂
老巴上一次買的公司叫Precision Casparts，沖壓件傳產公司，收購價370億鎂
老巴旗下原已有GEICO、通用再保險等保險業巨頭，此次收購達到極佳策略綜效
許多人會對此次併購感到驚訝，因為蒙格已經好幾年在抱怨市場上沒便宜好標的
此次收購僅僅是帳上現金的8%左右而已（11.6/146.72B)
Warren Buffett just announced his biggest deal since 2016.
Berkshire Hathaway said Monday morning it agreed to buy insurance company Allegh
any for $11.6 billion, or $848.02 per share, in cash. The Omaha, Nebraska-based
conglomerate said the deal "represents a multiple of 1.26 times Alleghany's book
value at December 31, 2021," as well as a 16% premium to Alleghany's average st
ock price in the past 30 days. The deal is expected to close in the fourth quart
er of this year.
This transaction would mark Berkshire's biggest acquisition in six years when th
e conglomerate bought industrial company Precision Castparts for $37 billion, in
cluding debt.
Through its subsidiaries, New York-based Alleghany is involved in a number of di
fferent insurance businesses, including wholesale specialty, property and casual
ty, and reinsurance.
"Berkshire will be the perfect permanent home for Alleghany, a company that I ha
ve closely observed for 60 years," Buffett, Berkshire's chairman and CEO, said i
n a statement.
Insurance is one of Berkshire's bread-and-butter businesses as it already owns G
eico auto insurance, General Re reinsurance and others that have been driving gr
owth in recent years.
CNBC: Warren Buffett BHASHM 2021: Buffett Berkshire 210501 EC
Warren Buffett at Berkshire Hathaway's annual meeting in Los Angeles, California
. May 1, 2021.
Gerard Miller | CNBC
Alleghany CEO Joseph Brandon — who previously led General Re — hailed the deal
as a "terrific transaction for Alleghany's owners, businesses, customers, and e
mployees," noting that "the value of this transaction reflects the quality of ou
r franchises and is the product of the hard work, persistence, and determination
of the Alleghany team over decades."
Alleghany and its units will operate independently after the deal closes.
The deal may surprise some Berkshire shareholders, as Buffett and his right-hand
man — Vice Chairman Charlie Munger — have expressed frustration in their sear
ch for a big acquisition. In his 2022 annual letter to shareholders, Buffett sai
d he and Munger found little that "excites" them in terms of large deals.
"Throughout 85 years the Kirby family has created a business that has many simil
arities to Berkshire Hathaway," Buffett said. Jefferson W. Kirby is chair of the
Alleghany board of directors.
Alleghany started out in 1929 as a holding company for railroads and eventually
pivoted to insurance, which has parallels to Berkshire's roots as a textile manu
facturing company more than a century ago before it became a multifaceted conglo
merate.
To be sure, $11.6 billion is a small number when compared with Berkshire's massi
ve cash hoard of $146.72 billion at the end of 2021.
"For Berkshire, the transaction increases its presence in the specialty insuranc
e and reinsurance segments at a time when market conditions remain attractive fo
r growth," said Cathy Seifert, a Berkshire analyst at CFRA Research.
Shares of Alleghany jumped 25% on Monday. Berkshire's Class A shares rose about
2% to hit an all-time high after closing above $500,000 for the first time last
week.
Alleghany is being advised by Goldman Sachs and Willkie Farr & Gallagher through
the transaction's completion.
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※ 編輯: OnceAFreak (223.137.173.92 臺灣), 03/21/2022 22:34:53
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