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P&G will receive shares of P&G's common stock currently held by Berkshire, which has a current value of nearly $4.7 billion. Procter & Gamble is one of Berkshire Hathaway's biggest stock holdings.
P&G said it would contribute about $1.8 billion in cash to recapitalize Duracell before the transaction.
The transaction is expected to close in the second half of next year.
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"I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette," said Berkshire Hathaway's CEO Warren Buffett. "Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway."
Shares of P&G hovered around the flatline.