Warren Buffett Buys Prudential

Business magnate Warren Buffett’s company, Berkshire Hathaway Inc., is adding the Prudential and Real Living real estate franchise to its holdings, according to an October 30 announcement. Berkshire is purchasing the network from Brookfield Asset Management and its real estate unit, HomeServices of America and Brookfield will launch under Berkshire Hathaway HomeServices next year. Prudential agents will begin switching to the new firm upon launch.

The new company will be based in Irvine, California and the Associated Press reports that Buffet said he’s pleased to lend the Berkshire name and financial strength to the venture. The deal’s financial terms were not made public, but HomeServices will be the majority owner and the deal adds more than 53,000 agents from Prudential and Real Living’s national franchise network.