Billionaire investor Warren Buffett has agreed to acquire Empire Distributors in the US and plans to buy up more high-end drinks wholesalers in the country.
Buffett’s investment vehicle, Berkshire Hathaway, has signed a deal to acquire Empire parent firm Kahn Ventures for an undisclosed fee.
Empire distributes spirits, wine and beer in the states of North Carolina and Georgia and the move is part of Buffett’s strategy to tap the high-end alcohol distribution business.
“We expect that the Empire acquisition will provide us with a solid platform for potentially acquiring other similar high quality wholesale distributors,” said Buffett, who is CEO and chairman of Berkshire Hathaway.
Buffett was earlier this month named the third richest man in the world with a fortune of US$47bn, in a poll by Forbes magazine.
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