Warren Buffett revisited a $1.7 billion phone deal, saying he closed it without meeting management

Berkshire Hathaway Chairman Warren Buffett recounted a deal he characterized as unusual for its lack of face-to-face contact. According to Yahoo Finance, Buffett said he bought a business for $1.7 billion “over the phone,” adding that he never met the people running the company he acquired.

The episode, as described in the report, was used to illustrate Buffett’s view on decision-making and the kinds of information that matter most. The Yahoo Finance account ties the story to a broader message about the “most valuable skill” Buffett said he learned, framed around how he evaluates opportunities and communicates during acquisitions.

Buffett’s comments were made in a speech context tied to the University, the report says, which further suggests the point was as much about philosophy as it was about transaction mechanics. In the telling, the phone-based approach did not prevent a large purchase, at least as Buffett described it.

The practical implication of the anecdote is that Berkshire’s investing process, in Buffett’s own account, can be driven by conversations and judgment rather than by extensive initial relationship-building on-site. That does not mean Berkshire always avoids in-person meetings, but it does highlight that the company’s leadership believes it can evaluate some businesses through remote dialogue and trusted analysis.

Even so, important details were not laid out in the Yahoo Finance report. The post does not specify which company was acquired in the $1.7 billion transaction, what the purchase structure was, or whether due diligence included site visits by other parties, given the reporting focus on Buffett’s quoted recollection.

For investors, the most relevant takeaway may be how Buffett links communication to risk control. When he emphasizes a “most valuable skill,” the underlying claim is that extracting accurate information, asking the right questions, and listening closely can substitute for certain forms of direct contact.

Berkshire Hathaway shares trade as BRK.B on the NYSE. The company’s long-running investment model has historically centered on buying businesses with durable economics and competent operators, and Buffett’s recounting is consistent with that theme even when the anecdote centers on a remote conversation.

What to watch next is whether Berkshire or Buffett’s representatives provide further context on the transaction details Buffett referenced, including who participated in the calls and what information shaped the decision. Without those specifics, the story functions more as an illustration of process than a fully documented acquisition case study.