PHILADELPHIA – Axalta Coating Systems Ltd. has announced that an affiliate of Berkshire Hathaway Inc. has entered into a definitive stock purchase agreement with certain affiliates of The Carlyle Group for the purchase of a total of 20 million of Axalta’s common shares for an aggregate purchase price of $560 million, or $28 per share.

According to reports from Marketwatch and the Wall Street Journal, this 8.7 percent stake in the company would make Warren Buffet and Berkshire Hathaway the largest shareholder in Axalta, behind The Carlyle Group.

Axalta will not receive proceeds from the sale of the shares. In connection with the purchase, Berkshire Hathaway agreed that it would not dispose of the shares for 90 days following the consummation of the sale. Axalta has agreed to provide Berkshire Hathaway with certain registration rights following the expiration of that 90-day period.

“We are pleased to have Berkshire Hathaway Inc. take this share ownership position in Axalta,” said Charlie Shaver, chairman and CEO of Axalta. “Berkshire is the type of quality investor that Axalta has been fortunate to attract since our IPO last year. We believe this investment shows Berkshire’s support of our strategy to reshape ourselves into a growth and customer oriented, world class coatings company.”