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Berkshire Uses Goldman Warrant to Get $2.1 Billion Stake

Warren Buffett’s Berkshire Hathaway Inc. will get 13.1 million shares of Goldman Sachs Group Inc. after exercising a warrant tied to a 2008 investment in the Wall Street bank.

The shares will be delivered on Oct. 4 to Omaha, Nebraska-based Berkshire, according to a Business Wire statement today from the bank. The stake is valued at about $2.1 billion based on the $159 closing price today of Goldman Sachs stock.

Berkshire becomes the seventh-largest shareholder of Goldman Sachs, according to data compiled by Bloomberg. Buffett, Berkshire’s chairman and chief executive officer, also got a $5 billion preferred stake for the original investment, which Goldman redeemed in 2011 at a 10 percent premium.

Berkshire can’t sell its shares until after the investment bank reports third-quarter results this month. Buffett and Goldman Sachs CEO Lloyd C. Blankfein have said that Berkshire intends to remain a long-term investor.

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