“Buffett noted in his recently released annual shareholder letter that Berkshire had boosted its stake in Berkshire Hathaway Energy, its large utility unit, to 100% from 92% during 2024. That occurred when Berkshire repurchased the Scott estate’s 8% stake for $3.9 billion in cash and Berkshire stock—mostly cash.
BHE stock wasn’t traded publicly when Berkshire held a 92% interest. Scott invested alongside Berkshire in BHE when Berkshire bought a Midwestern utility that became the nucleus of BHE 25 years ago.

Buffett didn’t elaborate on the Scott purchase in his letter but it looks like Berkshire got a steal. Berkshire effectively bought the Scott stake at a BHE valuation of about $49 billion.

That is about 55% of the valuation that the company paid in mid-2022 for a 1% stake it bought from Greg Abel, Berkshire Hathaway’s current vice chairman and the likely successor to Buffett. Abel had led the utility unit before moving to the parent company. The Abel sale valued BHE at $87 billion.”

barrons.com - Buffett stock bhe purchase scott

maybe wildfire liabilities?