OMAHA, Neb.—Warren Buffett’s company completed its largest acquisition in years Wednesday with its $11.6 billion purchase of the Alleghany insurance conglomerate.
The purchase announced in March will further expand Berkshire’s sizeable insurance operations and add a few more companies to its stable, including a steel fabricator and toy company owned by Alleghany.
In many ways, Alleghany is similar to Berkshire. Buffett’s Omaha, Nebraska-based conglomerate owns Geico, General Re and a number of other insurance companies, but it also owns BNSF railroad, several major utilities and an eclectic assortment of dozens of manufacturing and retail companies, including Precision Castparts, Dairy Queen, See’s Candy and NetJets….