Berkshire Hathaway is buying Precision Castparts for approximately $32 billion. The total value of the transaction including debt is estimated at $37.2 billion. 
Not only is this the biggest acquisition in Berkshire Hathaway's history, but it also marks a relatively recent shift for the company away from the insurance industry that fueled its early growth, and into the industrial sector. Other recent acquisitions made in the past decade include Lubrizol, a chemical manufacturer, and Marmon, a large-scale industrial manufacturer.
Located in Portland, Oregon, Precision Castparts is an aerospace company that manufactures components for industrial use. Some of their more prominent clients include General Electric, Boeing and Airbus. Although the company has recently taken a hit due to falling prices on natural gas and crude, it is believed to have a strong future.
The terms of the deal dictate that Berkshire Hathaway will pay $235 per share for the outstanding Precision Castparts stock, including all debt. 
Here's more information about what Precision Castparts does and how the deal will affect the future of Berkshire Hathaway: