NEW YORK (TheStreet) -- Warren Buffett's Berkshire Hathaway (BRK.A) is buying Procter & Gamble's (PG) Duracell battery business for about $4.7 billion in P&G stock currently held by the billionaire investor's holding company. At the closing of deal, P&G will put $1.7 billion in cash into Duracell.
The transaction, which is expected to close in the second half of 2015, hands Buffett a popular consumer product to go along with his stakes in Coca-Cola (KO) , See's Candies and Fruit of the Loom clothing, among many other businesses.
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"I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette," Buffett, Berkshire Hathaway's chief executive officer, said in a statement. "Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway."
Procter & Gamble shares have gained 9.9% in 2014 to $89.48.
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