finance.yahoo.com
Warren Buffett's Berkshire Hathaway to buy $250 million worth of Snowflake's shares in private placement
Berkshire is expected to purchase another 4 million shares from a stockholder in a secondary transaction.
Business
Snowflake, Inc., the cloud-based data platform company, revealed in its amended S-1 filing on Tuesday ahead of its initial public offering that Warren Buffett’s Berkshire Hathaway agreed to take a stake in its class A shares in a private placement.
The company said Salesforce Ventures and Berkshire Hathaway would each purchase $250 million worth of its Class A common shares in a private placement at a price per share equal to the initial public offering price.
Snowflake, which is taking the route of a traditional IPO, expects to list its shares at a price range between $75 and $85.
“Based on an assumed initial public offering price of $80.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, each of Salesforce Ventures and Berkshire Hathaway would purchase 3,125,000 shares of our class A common stock,” the filing said.