Berkshire Hathaway, the investment company run by billionaire Warren Buffett, has announced a definitive agreement to acquire Business Wire, a privately held company that is a global distributor of corporate news, multimedia, and regulatory filings. Terms of the transaction were not disclosed.
Business Wire will operate as a wholly owned subsidiary of Berkshire Hathaway. Business Wire's management team will remain in place and the company's day-to-day operations will not be affected by the ownership change. The acquisition is subject to customary closing conditions, including the termination of the applicable waiting period under the Hart-Scott-Rodino Act.
The transaction is expected to close in the first quarter of 2006. Lorry I. Lokey, who founded the company in 1961, and is the company's chairman, will remain with Business Wire as chairman.