Berkshire sells some DaVita shares, cuts stake to 45%

By Jonathan Stempel

(Reuters) -Warren Buffett's Berkshire Hathaway said on Thursday night it sold 203,091 shares of DaVita, reducing its holdings in the kidney dialysis services provider to about 35.89 million shares, a 45% stake worth nearly $6.4 billion.

In a regulatory filing, Berkshire said the February 11 sale was required pursuant to a share repurchase agreement, under which DaVita agreed on a quarterly basis to buy back enough shares to reduce Berkshire's ownership stake to 45%.

The April 2024 agreement also requires Berkshire to vote shares in excess of a 40% stake in accordance with the recommendation of DaVita's board of directors, Berkshire said.

Berkshire has owned DaVita shares since the fourth quarter of 2011.

The investment has been spearheaded by Ted Weschler, who joined Berkshire as a portfolio manager in 2012. He previously invested in DaVita at his former hedge fund firm, Peninsula Capital Advisors.

Weschler and Todd Combs, who joined Berkshire in 2010, help Buffett manage Berkshire's investment portfolio. Berkshire has not disclosed in recent months how much they oversee.

Buffett has led the Omaha, Nebraska-based conglomerate since 1965.

(Reporting by Jonathan Stempel in New York; Editing by Sandra Maler and Leslie Adler)

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