Corporate News Blog Berkshire Hathaway Dips into Pilot Flying J - Erie News Now | WICU & WSEE in Erie, PA

Corporate News Blog Berkshire Hathaway Dips into Pilot Flying J for 38.6% Equity Stake

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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:

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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.

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