Warren Buffett to acquire majority stake in Pilot Flying J - WRCBtv.com | Chattanooga News, Weather & Sports

Warren Buffett to acquire majority stake in Pilot Flying J

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Warren Buffett. AP photo Warren Buffett. AP photo
KNOXVILLE (News Sentinel) -

For the first time in company history, the Haslam family will give up majority ownership in Pilot Flying J - eventually - as part of a deal with Berkshire Hathaway that keeps Jimmy Haslam as CEO and the company headquarters in place.

Under the sale, which takes effect Tuesday, the founding family's shares in the Knoxville-based truck stop chain will drop from 77 percent to 50.1 percent, with Berkshire Hathaway acquiring 38.6 percent. Minority stakeholder FJ Management Inc. will retain an 11.3 percent stake.

Berkshire Hathaway's shares come from 26.7 percent held by the Haslams, 6 percent held by the Magillet family that once owned Flying J, 5 percent held by BDT Capital Partners and .96 percent held by four smaller stakeholders, company spokesman Tom Ingram said. By 2023, the Omaha-based holding company, headed by celebrity CEO Warren Buffett, will become Pilot's majority shareholder, with the Haslam family keeping 20 percent ownership.

Read more from our news partners at the Knoxville News Sentinel.

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