OMAHA, Neb. (AP) — Warren Buffett's company is buying a real estate franchise from Prudential and Real Living and launching a new brokerage brand for those agents. Berkshire Hathaway (BRK.A)(BRK.B) said Tuesday it is acquiring Prudential's real estate agent network from Brookfield Asset Management. Berkshire and Brookfield will start Berkshire Hathaway Home Services next year and begin switching agents to the new firm. Buffett said he's happy to lend Berkshire's name and financial strength to the new company, which will be based in Irvine, Calif., and be led by a team of executives from Prudential Real Estate.

Story Highlights: • Berkshire Hathaway will launch brokerage with 75,000 agents nationwide • Warren Buffett's firm already owns real estate unit with 16,000 agents in 21 states • Famed investor's move could signal confidence in housing market recovery

"I am confident that these partners will deliver value to the residential real estate industry, and I am pleased to have Berkshire Hathaway be a part of the new brand," Buffett said in a statement.