Warren Buffett’s Berkshire Hathaway makes European investment with €400m Devlet Louis Motorradvertriebs purchase
He may have dumped his stake in Exxon, but Warren Buffett is still motoring.
Berkshire Hathaway has splashed €400m (£294m) on a German motorcycle business, the first in what's likely to be a series of deals in Europe where the investment firm has been looking to invest. He had earlier hinted at the deal, which went through today.
Devlet Louis Motorradvertriebs, a Hamburg-based retailer of motorcycle clothing and accessories, is a family run business with 71 stores in Germany and Austria as well as an online shop, the FT reports, raking in €270m in annual gross revenue.
The legendary 84-year-old investor said although it was small, it would get people's attention. "There is nothing like a deal to get people's attention. This is smaller than something we would normally do, but it is a door opener. I like the fact that we have cracked the code in Germany," he told the FT.
He also said he wouldn't be put off "elephant hunting" for larger acquisitions in Europe by the economic worries in the region.
Will Buffett be getting on a bike? He did just sell his 2006 Cadillac for $122,500 (£80,000), the proceeds of which will go to charity. Maybe he's eyeing up two wheels now.