OMAHA, Neb. (AP) — Berkshire Hathaway made nearly $642 million when Symetra Financial was acquired by Sumitomo Life Insurance Co.
Warren Buffett's company said in documents filed with the Securities and Exchange Commission this week that it sold all 20 million of its Symetra shares as part of the deal.
Like other shareholders, Berkshire received $32 per share as part of the Japanese company's acquisition of Bellevue, Washington-based Symetra. The life insurer also provides employee benefits and annuities.
Berkshire Hathaway owns about 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing. It also holds major investments in Coca-Cola Co., Wells Fargo & Co., IBM and American Express Co. Berkshire is based on Omaha, Nebraska.