Transaction is expected to close in first quarter of 2010
Berkshire Hathaway and Burlington Northern Santa Fe have been granted early termination of the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, in connection with the previously announced Berkshire acquisition of BNSF.
The companies said that this regulatory action is an important step in satisfying the closing conditions as set forth in the merger agreement. BNSF and Berkshire continue to expect the transaction to close in the first quarter of 2010.
Under the agreement, Berkshire Hathaway will acquire for $100 per share in cash and stock the remaining 77.4% of outstanding BNI shares not currently owned to increase its holdings to 100%. Based on the number of outstanding BNI shares on November 2, 2009, the transaction is valued at approximately $44 billion, including $10 billion of outstanding BNSF debt.
Burlington Northern Santa Fe Corporation’s subsidiary BNSF Railway Company operates one of the North American rail networks, with about 32,000 route miles in 28 states and two Canadian provinces.