M & A wrap: Merger Monday
Gilead Sciences struck a deal to buy Pharmasset for about $11 billion in a huge bet on hepatitis C treatments to diversify its portfolio.
Property and casualty insurer Alleghany said it would buy reinsurer Transatlantic Holdings for $3.4 billion in cash and stock, possibly putting an end to the months-long buyout battle for the reinsurer.
“Warren Buffett, who invested $23.9 billion for his Berkshire Hathaway in the third quarter, said the company could spend as much as $10 billion on its next acquisition,” Bloomberg reports.
“Delphi Automotive, the US car parts maker that went public last week after a long post-bankruptcy restructuring, is seeking acquisitions to boost its Asia-Pacific presence and expand its core businesses,” the Financial Times reports.
Ted Forstmann, the billionaire private equity investor and philanthropist, died on Sunday of brain cancer. He was 71.