Omaha, Nebraska-based Berkshire Hathaway Inc., a diversified company owned by Warren Buffett, will purchase the 19.1 percent of Pasadena, California-based Wesco Financial Corporation it doesn't already own. The Wesco stake is valued at about $547.6 million.
Berkshire Hathaway acquired its 80.1 percent current stake in Wesco over 30 years ago. Wesco Financial's main businesses include insurance, furniture rental, and a steel service center.
Subject to a vote by shareholders, the acquisition is expected to be completed before the end of Q2 2011.