Berkshire Hathaway just announced it would acquire the Duracell brand of batteries from Procter & Gamble.

P&G will receive $4.7 billion worth of P&G shares currently owned by Berkshire Hathaway.*

"I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette," Berkshire Hathaway CEO Warren Buffett said. "Duracell is a leading global brand with top-quality products, and it will fit well within Berkshire Hathaway."

The deal is expected to close in the second half of 2015.

"We thank the Duracell employees for their many contributions to the business," P&G CEO A.G. Lafley said. "They’ve made Duracell the global market leader in the battery category. I’m confident this new ownership structure will provide strong support for Duracell’s future growth plans."

NOTE: An earlier version of this post said the deal valued Duracell at $6.4 billion. That statement has been removed.