It looks like billionaire Detroit businessman and founder of Quicken Loans, Dan Gilbert, is teaming up with Warren Buffett, Berkshire Hathaway founder and often referred to as the “Oracle of Omaha” to make a run at buying Yahoo.
Yahoo is one of the first wave of big internet companies, but has fallen out of favor as of late even though it has millions of daily users. It’s considered by experts as a company without focus – and is up for sale with a shortlist of around 10 bidders.
Verizon is considered by many as the one with the top shot at getting their hands on the internet giant that has lagged behind its competitors as of late, along with Bain Capital LP/Vista Equity Partners, TPG, and YP Holdings with bids in the $4 billion to $8 billion range.
CNBC reports that Gilbert and Buffett have been close friends since 2012 after Gilbert signed up for the Giving Pledge, where he will give away at least half of their wealth during their lifetime or upon their death.
“There could well be more business relationships in the future, but beyond that it’s a friendship,” Buffett said, referring to Gilbert, in a telephone interview with Reuters on April 5.
Gilbert has various business interested beyond Quicken Loans. He owns 14 million square feet among 90 properties in Detroit and Cleveland as well as own the Cleveland Cavaliers NBA team.