Procter & Gamble sells Duracell to Berkshire Hathaway for $2.9 billion

Client(s) Procter & Gamble Company, The

Jones Day advised The Procter & Gamble Company ("P&G") in the sale of its Duracell personal power business to Berkshire Hathaway Inc. for $2.9 billion. Following the sale of P&G's interest in its Nanfu joint venture, which operated P&G's battery business in China, P&G entered into a Transaction Agreement on November 13, 2014 with Berkshire Hathaway Inc. and certain of its affiliates under which P&G transferred its Duracell business to Berkshire Hathaway in a private split-off transaction. In this unusual tax-free structure (sometimes referred to as a "cash rich private split"), P&G conveyed its Duracell business to a newly formed subsidiary (SplitCo) and exchanged its shares in SplitCo for outstanding P&G shares currently held by the Berkshire Hathaway group.

In addition to M&A representation, Jones Day provided intellectual property, employee benefits, and antitrust advice regarding this transaction.