Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in our Consolidated Financial Statements beginning on their respective acquisition dates. Information concerning significant business acquisitions completed in each of the three years ending December 31, 2022 follows.

On October 19, 2022, Berkshire acquired all of the outstanding common stock of Alleghany Corporation (“Alleghany”) for approximately $11.5 billion, which includes the value of certain Alleghany equity awards, pursuant to a definitive agreement and plan of merger dated as of March 20, 2022. Alleghany operates a group of property and casualty reinsurance and insurance businesses. It also owns a portfolio of non-financial businesses.

The preliminary values of the Alleghany identified assets acquired and liabilities assumed are summarized as follows (in millions). Valuations of certain assets, such as intangible assets and goodwill, and certain liabilities as of the acquisition date have not been finalized at this time and are provisional.


Cash, cash equivalents and U.S. Treasury Bills	$	3,762
Investments in fixed maturity and equity securities		15,982
Loans and other receivables		5,650
Goodwill and other intangible assets		6,362
Other		3,834
Assets acquired	$	35,590

Unpaid losses and loss adjustment expenses	$	15,080
Unearned premiums		3,536
Notes payable		2,169
Other		3,300
Liabilities assumed		24,085
Net assets	$	11,505

Alleghany’s consolidated revenues and net earnings included in Berkshire’s Consolidated Financial Statements in 2022 were approximately $2.4 billion and $216 million, respectively. The following table sets forth certain unaudited pro forma consolidated earnings data for the years ending December 31, 2022 and 2021, as if the Alleghany acquisition was consummated on the same terms at the beginning of 2021 (in millions, except per share amounts).


	2022			2021
Revenues	$	311,184		$	287,450
Net earnings (loss) attributable to Berkshire Hathaway shareholders		(24,107	)		90,728
Net earnings (loss) per equivalent Class A common share		(16,412	)		60,077

Berkshire Hathaway Energy (“BHE”) acquired certain businesses of Dominion Energy, Inc. (“Dominion”) on November 1, 2020 for cash of approximately $2.5 billion. The acquired businesses included natural gas transmission, gathering and storage pipelines, natural gas storage capacity and partial ownership of a liquefied natural gas export, import and storage facility (“Cove Point”). As part of the Dominion acquisition, BHE acquired an indirect 25% economic interest in Cove Point, consisting of 100% of the general partnership interest and 25% of the limited partnership interests. We concluded that Cove Point is a VIE and that we have the power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and receive benefits which could be significant to Cove Point. Therefore, we treat Cove Point as a consolidated subsidiary.