BNSF’s Acquisition by Berkshire Hathaway

On November 3, 2009, Berkshire Hathaway Inc. and Burlington Northern Santa Fe Corporation (“BNSF”) announced a definitive agreement for Berkshire Hathaway to acquire BNSF. Cravath represented BNSF in this transaction. This transaction has an enterprise value of approximately $44 billion, including $10 billion of outstanding BNSF debt. This is the largest acquisition in Berkshire Hathaway’s history.

The Cravath team includes partner George E. Zobitz and associates Joseph D. Zavaglia, Jonathan Coleman and Ryan D. Gorsche on corporate matters; partner Eric W. Hilfers and associates Lori Diamond Goodman and Matthew Cantor on executive compensation and benefits matters; partner Elizabeth L. Grayer on antitrust matters; and partner Michael L. Schler and associate Christopher K. Fargo on tax matters. Kenneth Gerold also assisted on corporate matters.