Berkshire sells some DaVita shares, cuts stake to 45% (updated)

Davita

14/02/2025 01:45

(Adds details on Berkshire's DaVita stake, portfolio manager
Weschler's role, paragraphs 3-8)
    By Jonathan Stempel
       Feb 13 (Reuters) - 
    Warren Buffett's Berkshire Hathaway  BRKa.N  said on
Thursday night it sold 203,091 shares of DaVita  DVA.N ,
reducing its holdings in the kidney dialysis services provider
to about 35.89 million shares, a 45% stake worth nearly $6.4
billion.
    In a regulatory filing, Berkshire said the February 11 sale
was required pursuant to a share repurchase agreement, under
which DaVita agreed on a quarterly basis to buy back enough
shares to reduce Berkshire's ownership stake to 45%.
    The April 2024 agreement also requires Berkshire to vote
shares in excess of a 40% stake in accordance with the
recommendation of DaVita's board of directors, Berkshire said.
        Berkshire has owned DaVita shares since the fourth
quarter of 2011.
  
        The investment has been spearheaded by Ted Weschler, who
joined Berkshire as a portfolio manager in 2012. He previously
invested in DaVita at his former hedge fund firm, Peninsula
Capital Advisors.
  
        Weschler and Todd Combs, who joined Berkshire in 2010,
help Buffett manage Berkshire's investment portfolio. Berkshire
has not disclosed in recent months how much they oversee.
  
        Buffett has led the Omaha, Nebraska-based conglomerate
since 1965.
  

 (Reporting by Jonathan Stempel in New York; Editing by Sandra
Maler and Leslie Adler)
 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))