LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BRK-A. The Company, which is a conglomerate with leading diverse business activities, announced the acquisition of 38.6% equity stake in Pilot Travel Centers LLC, the parent company of Pilot Flying J, which is the largest operator of travel centers in North America. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BRK-A. Go directly to your stock of interest and access today’s free coverage at:
Details of the Deal
Pilot Flying J will continue to be owned majorly by the Haslam family with 50.1% ownership and Jimmy Haslam as the CEO. The existing management team will also remain in place. Apart from this, FJ Management, Inc., owned by the Maggelet family, will continue to hold 11.3% ownership till 2023. Post this, the Company will acquire 41.4% equity stake and Haslam family will retain 20% ownership along with involvement.
As the Company’s Chairman, President, and CEO Warren Buffett explained the rationale of investing in Pilot Flying J with its long-standing excellence and leadership in serving the trucking industry which is a key enabler to the nation’s economy. He expressed faith in the growth strategy and hence the interest in the deal. Buffett who is a global icon in investing expressed his thoughts behind the investment with a wish to retain the current system in place. Pilot Flying J earned $20 billion in 2016. It also comes at no. 15 on Forbes’ list of America’s Largest Private Companies and has grown with important milestones such as a merger of Pilot with Flying J, merger with Marathon Ashland Petroleum, Williams, Speedway, Mr. Fuel, and Speedway-Wilco.
Other terms of the deal were not disclosed. CEO of Pilot Flying J, Kimmy Haslam, expressed excitement and positivity in partnership with a committed investor like Berkshire.
The deal is a leg-up for Pilot Flying J fighting a legal tangle in which Pilot Flying J allegedly short-changed some customers on diesel rebates. It made a $92 million settlement to its customers post a raid in 2013 by FBI and Internal Revenue Service. Warren Buffett feels the deal has no effect on the prospects of the Company or the deal.
About the Company
Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, retailing and services. The common stock of the company is listed on the New York Stock Exchange.
About Pilot Flying J
Knoxville, Tennessee based Pilot Flying J is the leading provider of trucking services. It has 27,000 members across 750 retail locations in the US and Canada alone while providing access to more than 70,000 parking spaces for trucks, 4,900 showers, and more than 5,000 diesel lanes offering Diesel Exhaust Fluid (DEF) at pumping locations. It aims to service professional drivers, local communities, and interstate travelers across North America across 44 states with more than 100 roadside assistance trucks as part of its Truck Care Program, 44 Goodyear Commercial Tire and Service Centers, and 35 Boss Shops.
Last Close Stock Review
At the closing bell, on Wednesday, October 04, 2017, Berkshire Hathaway’s stock fell slightly by 0.01%, ending the trading session at $278670.00. A total volume of 148 shares have exchanged hands. The Company’s stock price rallied 9.05% in the last three months, 11.96% in the past six months, and 29.90% in the previous twelve months. Moreover, the stock surged 14.15% since the start of the year. The stock is trading at a PE ratio of 21.01 and currently has a market cap of $457.02 billion.
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the “Author”) and is fact checked and reviewed by a third party research service company (the “Reviewer”) represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charter holder (the “Sponsor”), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you’re a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily
Information contained on this page is provided by an independent third-party content provider. Frankly and this Station make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact firstname.lastname@example.org