Maverick investor Warren Buffet's company Berkshire Hathaway has acquired a 5 percent stake in IT consulting giant IBM by acquiring stocks worth $10.5 billion.
Buffet is known for his aversion to tech stocks but the move is a definite round-about from Berkshire Hathaway's earlier stand. The investment giant revealed that it has acquired 5 percent stake or 57 million shares in IBM, making it one of the largest shareholders of the company reports CNN.
The company also revealed in its third quarter filing to the Securities and Exchange Commission that it had acquired stake in Intel and DirecTV as well. However, the investment was smaller compared to the one made in IBM.
Bershire Hathway revealed that it had acquired 9.3 million shares in Intel and 4.2 million shares in DirecTV.
"It's a company that helps IT departments do their job better. It is a big deal for a big company to change auditors, change law firms or for IT departments to move away from using IBM. There is a lot of continuity to it." commented Buffet on the IBM acquisition.
Other new investments made by his company include 2.3 million shares in Visa, 5.7 million of medicine retail chain CVS Caremark and 3.1 million shares in General Dynamics.