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Warren Buffett's Berkshire Hathaway to Acquire Business Wire

Authored by Mark Hefflinger on January 17, 2006 - 3:00am.
San Francisco - Berkshire Hathaway, the investment firm run by financier Warren Buffett, said on Tuesday that it will acquire Business Wire, a major distributor of corporate press releases and regulatory filings on the Internet. Financial terms of the deal were not disclosed. Business Wire, which is very active in the region's government and technology sectors, will operate as a unit of Berkshire Hathaway, with its management team and day-to-day operations remaining unchanged. The deal is expected to close by the end of the current quarter. "We have followed our blueprint of buying profitable companies that are industry leaders, yet have significant growth potential," said Buffett, Berkshire Hathaway's chairman and CEO. Lorry Lokey, who founded Business Wire in 1961 and currently serves as its chairman, said that the deal will allow his company to continue expanding into overseas markets and capitalizing on "emerging opportunities." Lokey will retain his role chairman, but will focus on philanthropic pursuits.
tags: Berkshire Hathaway | Business | Warren Buffett | Wire |