Wesco Financial Corp. shareholders on Friday approved a deal to have majority shareholder Berkshire Hathaway Inc. acquire the remaining 20 percent of the Pasadena company.

Pasadena-based Wesco is led by Charlie Munger, Berkshire's vice chairman, but the company has operated as a Berkshire subsidiary since 1983. Munger consults with Buffett on Wesco investment decisions and major capital allocations and Buffett does likewise with Munger about Berkshire decisions.

Omaha, Neb.-based Berkshire will buy the more than 1.4 million shares it doesn't already own for $385 per share, or $545.4 million. Wesco shareholders will get a combination of cash and Class B Berkshire shares as part of the deal.

About 64 percent of the shares not held by Berkshire and about 93 percent of the shares overall supported the deal. Wesco's board recommended the deal to shareholders in February.

Wescom, which has businesses in insurance, furniture rental and steel services, is among more than 80 Berkshire subsidiaries.

For reprint and licensing requests for this article, CLICK HERE.