Warren Buffett’s Berkshire Hathaway is set to acquire OxyChem from Occidental Petroleum for $9.7 billion, the largest deal in three years. OxyChem is a top PVC provider used in various industries. The deal is expected to close in the fourth quarter, with $6.5 billion going towards debt repayment.

Greg Abel, Vice Chairman of Non-Insurance Operations at Berkshire, praised Occidental for their financial stability. The announcement comes as Buffett, 95, plans to step down as CEO by the end of 2025. Abel will take over, known for his expertise in the energy industry.

Buffett has a history with Occidental, investing $10 billion in 2016 and buying more shares in 2022. The deal with OxyChem was rumored earlier this week. Buffett’s departure as CEO marks a significant change for Berkshire Hathaway, with Abel taking the reins in the near future.

Read more at Yahoo Finance: Berkshire Hathaway shells out $9.7 billion to buy OxyChem