XTRA Corp., Westport, Conn., will become a wholly owned subsidiary of Omaha, Neb.-based Berkshire Hathaway in a deal worth approximately $590 million.

Berkshire Hathaway, an investment company headed by billionaire Warren Buffet, is offering $55 per share to holders of XTRA common stock. The company, which leases over-the-road trailers and intermodal equipment, will continue to be headquartered in Westport.
XTRA executives said the deal would allow XTRA to grow its business and benefit from a lower cost of capital.
"XTRA is an outstanding business with a wonderful reputation," said Buffett. "It will be a great addition to the Berkshire Hathaway group of businesses."
XTRA's net income for the third quarter ending June 30 was $6 million on revenues of $102 million, down from $14 million for the same quarter a year ago.