“Charter Brokerage is a high quality business with consistently strong financial performance that fits well within Berkshire Hathaway,” Buffett, the chairman and chief executive officer of Berkshire, said in a statement.
The statement did not disclose the value of the acquisition.
Charter is a U.S. petroleum and chemical drawback services provider. A drawback is the refund of import duties and taxes on a product when a form of that same product is exported. Charter Brokerage connects importers and exporters in the petroleum and petrochemical industries to arrange such refunds.
Earlier this year, a source familiar with Arsenal’s potential sale of Charter valued the company at up to $500 million.