Warren Buffett's company will purchase the stock from affiliates of the Carlyle Group LP.
Axalta said in a statement Tuesday that Berkshire is buying 20 million shares for $28 each.
“Berkshire is the type of quality investor that Axalta has been fortunate to attract since our IPO last year,” Axalta Chief Executive Officer Charlie Shaver said in a statement.
The Carlyle Group will still hold a 45 percent stake in the company after the sale.
Berkshire has made a quick ascension to becoming a major player in the collision repair industry over the last year. In October, the company reached an agreement to acquire the Van Tuyl Group, a 78-location dealership group with 32 body shops. Van Tuyl now operates under the name Berkshire Hathaway Automotive.
