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Berkshire Hathaway to buy Snowflake stock at IPO price: Report

Berkshire Hathaway also agreed to buy 4.04 million shares from one of Snowflake’s current shareholders in a secondary transaction

September 09, 2020 / 04:04 PM IST

Warren Buffett's Berkshire Hathaway and Salesforce Ventures will each purchase $250 million of cloud software company Snowflake's shares at its initial public offering (IPO) price.

Berkshire Hathaway also agreed to buy 4.04 million shares from one of Snowflake’s current shareholders in a secondary transaction, CNBC reported citing a regulatory filing.

Moneycontrol could not independently verify the filing.

California-based cloud software company Snowflake filed for its IPO in August.

Berkshire Hathaway’s stake in Snowflake would be worth more than $550 million at the time of its stock market debut.

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An investment in a technology company is unusual for Berkshire Hathaway, but it won't be the first such investment by the company. The company owns stock in iPhone-maker Apple, which media reports suggest is worth over $100 billion.

In 2018, the company invested in the IPO of Brazilian financial technology company StoneCo.

Berkshire Hathaway also made an investment in India company One97 Communications, the parent company of Paytm.

Salesforce has previously invested in Zoom, Twilio and Dropbox, and often sells the shares after the companies go public.
Moneycontrol News
first published: Sep 9, 2020 04:04 pm

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