Warren Buffett acquired 49.6% of GEICO Corporation in August 1995 for $2.3 billion, giving shareholders $70 per share compared to the previous $55.75 market price. Buffett was attracted to GEICO because it was the 7th largest auto insurer in the US, had exceptional senior managers, and was the lowest-cost insurance provider. The acquisition proved successful as GEICO's revenue grew significantly in subsequent years.