Duracell batteries will, like their slogan says, keep on going, under the eyes of billionaire Warren E. Buffett.

The Buffett-run conglomerate Berkshire Hathaway has acquired the battery company form Procter & Gamble through an unorthodox transaction by which the overall tax bill will be minimized.

The plan is recapitalize Duracell by adding about $1.8 billion in cash into the subsidiary, at which point Berkshire Hathaway will take over the battery business by exchanging its shares in P&G, which are as of now valued at about $4.7 billion.

The savvy move will let both Procter & Gamble as well as Berkshire Hathaway avoid substantial taxes while allowing P&G to swiftly part with Duracell.

With the acquisition of Duracell, Buffet adds another name to a conglomeration that already oversees such recognizable names as Dairy Queen and Fruit of The Loom.

The Duracell company has 2,700 employees worldwide, and P&G CEO A.G. Lafley is appreciative for all of their contributions, saying, "It's a business with attractive operating profit margins and a history of strong cash generation. I'm confident the business and its employees will continue to thrive as its own company."

Of the battery brand he has just acquired, Buffet said he has, as both a consumer and an investor, always been impressed by Duracell and added, "It will fit well within Berkshire Hathaway.”

Over the past 50 years, Duracell has passed through several companies, including the private equity firm Kohlberg Kravis Roberts and Gillette.

For P&G, this divestment is the latest in an ongoing effort to shed lower-growth brands. This year it has already sold at least ten businesses, including the Iams pet food brand. This latest transaction represents the largest divestment of the company to date, which in 2008 sold Folgers Coffee to J.M. Smucker for $3.7 billion.