Warren Buffett’s Berkshire Hathaway Inc. agreed to buy Detlev Louis Motorradvertriebs GmbH, a motorcycle apparel and accessories retailer in Germany, for 400 million euros ($452 million) as the company expands in Europe.
Ute Louis, the widow of founder Detlev Louis, sold the Hamburg-based company to a subsidiary of Berkshire, according to an e-mailed statement Friday from law firm Beiten Burkhardt, which advised on the sale alongside Kupferberg Transactions. The retailer approached Omaha, Nebraska-based Berkshire, the law firm said. Debbie Bosanek, Buffett’s assistant, confirmed the price in an e-mail.
“We’re probably going to buy a small business in Europe,” Buffett said in an interview on the Fox Business Network earlier this month. “But I’d love to buy big ones.”
Buffett, 84, has built Berkshire over more than four decades by buying companies and investing in stocks. While the Omaha, Nebraska-based company has mainly purchased U.S. firms, Berkshire acquired Israel’s IMC International Metalworking Cos. starting in 2006.
The Financial Times first reported the transaction and the terms earlier Friday.