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Sunday, October 6, 2013

Buffett’s TTI buys Israel-based Ray-Q


Warren Buffett is increasing his company’s infiltration into the Israeli market:

Berkshire Hathaway subsidiary to purchase company developing, distributing electrical interconnect solutions to military industries. Ray-Q, which employs 70 workers in Israel, expected to stay in country
Calcalist has learned that of Berkshire Hathaway’s primary shareholder is acquiring Israel-based Ray-Q Interconnect, which develops electrical systems for military industries.
Ray-Q (formerly Tex Tronics), which is owned by CEO Yigal Funt (49.8%), CTO Avner Gilath (26.6%) and CSO Ezra Carmel, will be sold to TTI, a Berkshire Hathaway subsidiary which specializes in distributing passive, interconnect, electromechanical and discrete semiconductor components to companies worldwide.
The final details of the deal have yet to be disclosed; therefore it is still unclear how much TTI paid for the acquisition. Yet the sum is likely smaller than what Buffett paid for Iscar, which was purchased by Berkshire for some $6 billion in two rounds: In 2006 and in 2013. The deal is still subject to the approval of the Anti-Trust Authority and other regulatory authorities in Israel.