BUFFALO, N.Y. — American Building Supplies Inc. announced it has agreed to buy Berkshire Hathaways stock, which the company says it plans to sell at a price of $100 million.
The deal, which is subject to regulatory approval, comes as the nation’s largest construction firm faces an increasingly complex regulatory environment and is facing a wave of bankruptcies and bankruptcies that could result in a massive restructuring of its operations.
Warren Buffett, the CEO of Berkshire Hathams, will lead the company through the transition.
Berkshire Hathans shares are up about 30% since their record high of $1,945 per share on Jan. 2.
The transaction is subject for regulatory approval.
Buffett is chairman and CEO of the Berkshire Hathaus company, which employs more than 500,000 people worldwide and operates in more than 100 countries.
The buyout is expected to close on Thursday.
It was announced Tuesday night.
American Building Supply Inc. is a leading supplier of home, office and commercial buildings.
The company provides building supplies, furniture, fixtures, equipment and more.
The company, founded in the late 1950s, has a strong global presence.
The American Building Stock Association reports that the company sells more than 1,300 products annually in more the 50 countries that it markets.