Berkshire Hathaway is finishing what it started in Israel.
On Wednesday, the megaconglomerate of companies run by famed billionaire Warren Buffett announced it is buying the remaining 20% it did not (at the time) own of Netherlands-incorporated, Israel-centric toolmaker IMC International Metalworking Companies.
Berkshire will pay $2.05 billion for the final slice of IMC, more commonly known as "Iscar," noting that the large price tag is an indication of the company's "very significant growth over the last seven years" since Berkshire made its initial investment in 2006. At that time, Buffett was able to buy 80% of Iscar for just $5 billion.
Following today's news, Berkshire Class A shares defied the market's downturn, and rose 0.4%, to close at $159,699.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Berkshire Hathaway. The Motley Fool owns shares of Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.