HONG KONG (AP) -- MidAmerican Energy Holdings Co., a unit of Warren Buffett's Berkshire Hathaway Inc., will invest in Chinese car maker BYD Co.
MidAmerican Energy will buy 225,000,000 new H shares issued by Hong Kong-listed BYD at HK$8.00 ($1.03) per share, or $231.8 million, BYD said in a statement Monday.
When the deal is completed after the approval of regulators, MidAmerican Energy will own about 9.89 percent of BYD's total registered capital, the statement said.
As part of the deal, MidAmerican Energy will name Chairman David Sokol as a non-executive director for BYD.
BYD, based in the southern Chinese city Shenzhen, also makes rechargeable batteries.