Warren Buffett is considered one of the world's greatest investors
Billionaire Warren Buffett's investment firm is to take control of the second-biggest US railroad, in what is said to be his biggest deal yet.
Berkshire Hathaway agreed to buy the 77.4% of Burlington Northern Santa Fe (BNSF) it does not already own for about $26bn (£16bn) in cash and stock.
BNSF is the biggest US haulier of products such as corn and coal.
Mr Buffett said that the deal was "an all-in wager on the economic future of the United States".
"I love these bets," he added.
Including past investment and the assumption of $10bn of BNSF debt, the deal is valued at $44bn.
The railroad also ships goods from western US ports including refrigerators, clothing and TVs.
Berkshire Hathaway already owns about 22% of BNSF and said it will pay $100 a share for the rest of the company.
The deal has been approved by the boards of both companies, but still needs backing from two-thirds of BNSF's shareholders.
The railroad expects to clear those hurdles in the first three months of next year.