Berkshire To Buy 20 Mln Axalta Shares From Carlyle Group For $560 Mln

(RTTNews) - Axalta Coating Systems Ltd. (AXTA) announced that an affiliate of Berkshire Hathaway Inc. (BRK.A, BRK.B) has entered into a definitive stock purchase agreement with certain affiliates of The Carlyle Group (CG) for the purchase of a total of 20 million of Axalta's common shares for an aggregate purchase price of $560 million, or $28.00 per share.

Axalta said it will not receive proceeds from the sale of the shares.

In connection with the purchase, Berkshire Hathaway agreed that it would not dispose of the shares for 90 days following the consummation of the sale. Axalta has agreed to provide Berkshire Hathaway with certain registration rights following the expiration of that 90-day period.