Pilot Flying J owner Jimmy Haslam is selling the majority of his company to billionaire Warren Buffet, chairman, president and CEO of Berkshire Hathaway, the billionaires announced on CNBC.
The transition will be gradual over time and will happen in two increments.
Berkshire will acquire 38.6 percent equity immediately, with Haslam for now remaining the majority owner with a 50.1 percent majority stake in the company. In 2023, Haslam will hand over significantly more shares, and his partner FJ Management — 11.3 percent ownership — will surrender all of its shares. At that time, Berkshire will own 80 percent of the company.