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Berkshire to acquire Lubrizol in $9.7 b deal

NEW YORK: Berkshire Hathaway will snap up speciality chemicals entity Lubrizol in a $9.7-billion deal, one of the biggest buyouts by the Warren Buffett-led con- glomerate.

The buyout of Lubrizol, approved by the boards of both companies, is valued at $9.7 billion that includes debt worth $700 million.

Lubrizol has presence in 17 countries, including India. “Lubrizol is exactly the sort of company with which we love to partner — the global leader in several market applications run by a talented CEO James Hambrick.

“Our only instruction to Mr. James — just keep doing for us what you have done so successfully for your shareholders,” Berkshire Hathaway's Chairman and CEO Buffett said in a statement on Monday. U.S.-based Lubrizol had revenues of $5.4 billion and a global workforce of about 6,900 in 2010, according to its website.

Definitive agreement

Both entities have entered into a definitive agreement for the all-cash transaction, which is expected to close in the third quarter of 2011.

The deal would be one of the largest in U.S. conglomerate's history.

In 2010, Berkshire Hathaway had bought Burlington Northern Santa Fe in a deal worth over $26 billion. — PTI

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