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BERKSHIRE HATHAWAY (BRK.A)
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Berkshire Hathaway : White & Case Advises Pilot Flying J on Significant Minority Investment by Warren Buffet's Berkshire Hathaway

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10/05/2017 | 02:10pm CEST

NEW YORK, Oct. 3 -- White and Case, a law firm, issued the following news release:

Global law firm White & Case LLP announced today that it has advised Pilot Flying J and its shareholders, the Haslam Family, on the investment in a significant minority stake by Berkshire Hathaway.

Berkshire Hathaway, the listed multinational conglomerate chaired by Warren Buffet, will acquire a 38.6 percent equity stake in the company, while the Haslam family will continue to own a majority of Pilot Flying J. In 2023, Berkshire will become the majority shareholder by holding an 80 percent equity stake and the Haslam family will retain 20 percent ownership in the company and remain involved with Pilot Flying J. The investment will provide a platform for Pilot Flying J's growth opportunities.

Pilot Flying J, headquartered in Knoxville, Tennessee, is the largest operator of travel centers in North America, with more than 27,000 team members and 750 locations across the US and Canada, and more than US$20 billion in revenues.

The White & Case team that advised on the transaction was led by partner Oliver Brahmst, with support from partners Dan Latham, J. William Dantzler, Holt Goddard and Rebecca Farrington, as well as associates Adam Cieply, Daniel Kozin, Mecaila Chapman, Kathrin Schwesinger, Jordan Kobb, Lauren Kim and Isaac Tendler.

Targeted News Service, source News Service

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Financials ($)
Sales 2018 249 B
EBIT 2018 31 532 M
Net income 2018 25 129 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 20,46
P/E ratio 2019 17,73
Capi. / Sales 2018 2,07x
Capi. / Sales 2019 1,94x
Capitalization 515 B
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Number of Analysts 5
Average target price 362 750 $
Spread / Average Target 16%
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Managers
NameTitle
Warren Edward Buffett Chairman & Chief Executive Officer
Marc D. Hamburg Chief Financial Officer & Senior Vice President
Charles Thomas Munger Vice Chairman
David Sanford Gottesman Independent Director
Walter Scott Independent Director
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