The Berkshire Hathaway logo is posted on a screen on the floor of the New York Stock Exchange on Wall Street in New York City on May 30, 2023. The company plans to buy Occidental's OxyChem company in a deal expected to close in the fourth quarter. File Photo by John Angelillo/UPI | License Photo
Oct. 2 (UPI) -- Berkshire Hathaway will purchase Occidental's chemical business, OxyChem, for $9.7 billion, the two companies announced Thursday.
Berkshire Hathaway and Occidental said they expect to close on the all-cash deal in the fourth quarter of 2025. It represents the largest deal by Berkshire Hathaway since 2022 when it purchased insurer Alleghany for $11.6 billion, CNBC reported.
As part of the deal, Occidental said it plans to use $6.5 billion to reduce its debt. The company hopes to hit a target of less than $15 billion in debt.
Vicki Holly, Occidental's president and chief executive officer, said the deal "strengthens our financial position."
