Which fast-food chain did Berkshire Hathaway acquire in 1998?

Berkshire Hathaway acquired the fast-food chain Dairy Queen in 1998.

The deal became effective on January 7, 1998, when International Dairy Queen merged into a wholly owned Berkshire subsidiary. Berkshire paid roughly $590 million, using a combination of cash and Berkshire stock. At the time, Dairy Queen operated thousands of locations across the United States, Canada, and other countries.

Dairy Queen was more than an ice-cream chain: its system included restaurants selling hamburgers, hot dogs, frozen desserts, and drinks. Berkshire also acquired related store concepts operated by International Dairy Queen, including Orange Julius and Karmelkorn.

A common mix-up is confusing the announcement with the closing. Berkshire announced its plan in October 1997, but the acquisition was completed in January 1998. Sonic Drive-In, Wendy’s, and Burger King were not the company Berkshire bought in this transaction.