Deals

Buffett Sticks to Comfort Zones With His Dominion Energy Deal

Berkshire signals it’s willing to invest at the right price
Conglomerate has been sitting on record $137 billion cash pile

Watch: Warren Buffett’s Berkshire Hathaway has agreed to buy Dominion Energy’s natural gas transmission and storage business in a deal with an enterprise value of $9.7 billion. (Source: Bloomberg)

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By Katherine Chiglinsky

July 6, 2020 at 3:14 PM UTC

This article is for subscribers only.

As Warren Buffett moves off the sidelines for the first time since the global pandemic struck, he’s sticking to the areas he knows best.

Berkshire Hathaway Inc. announced an agreement Sunday to purchase Dominion Energy Inc.’s natural gas pipeline and storage assets for an enterprise value of $9.7 billion, expanding its energy empire even further. While the deal wasn’t the splashy “elephant-sized” acquisition that Buffett has sought for his $137 billion cash pile, the move shows he’s carefully opening Berkshire to acquisitions, according to Cathy Seifert, an analyst at CFRA Research.