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Lower Middle Market Weekly Outlook

Warren Buffett’s elephant gun is certainly getting some use. The latest deal came last week when Berkshire Hathaway announced the $3 billion acquisition of Duracell from Proctor & Gamble.

The deal is unique because Berkshire is acquiring the company with $4.7 billion worth of shares it already owns in P&G. The strategy will give Duracell a $1.8 billion cash infusion from P&G before the sale, and will save Berkshire the tax burden it would have incurred had it sold the P&G shares. Inversions were so last season.

In other news, PE firms might start buying one another, law firm mergers create conflicts for companies, and Halliburton is buying Baker Hughes for about $35 billion.

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This week in history… Sony buys CBS Records for $2 billion (1987).

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