June 22, 2017 / 1:16 PM / 3 months ago

BRIEF-Berkshire Hathaway announces agreement to invest in Home Capital

June 22 (Reuters) - Berkshire Hathaway Inc

* Berkshire hathaway announces agreement to invest in home capital

* Berkshire hathaway - ‍columbia insurance company to make initial investment of c$153.2 million to acquire 16 million shares of home capital group on private placement basis​

* Berkshire hathaway inc - berkshire will not be granted any rights to nominate directors of home capital

* Berkshire hathaway - columbia insurance co also agreed to make additional investment of c$246.8 million to buy about 24 million common shares of home capital

* Berkshire hathaway - concurrently with execution of investment agreement, home capital agreed to enter into new c$2 billion loan facility with wholly-owned subsidiary of berkshire

* Berkshire hathaway says new credit agreement will replace c$2 billion loan facility made as of may 1, between home trust co, and major institutional investor

* Berkshire hathaway - columbia insurance co’s new investment along with its initial investment, would represent about 38.39% equity stake in home capital

* Berkshire hathaway - for as long as it owns more than 25% of outstanding shares it will be entitled to vote shares representing 25% of outstanding shares​

* Berkshire hathaway - unit to acquire 16 million common shares of home capital, representing about 19.99% equity stake in home capital on a post-issuance basis

* Says ‍common shares of home capital group inc​ will be acquired for investment purposes

* Berkshire hathaway inc - initial investment will not require approval of home capital’s shareholders and is expected to close on june 29, 2017 Source text for Eikon: Further company coverage:

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