MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway
Inc., and NV Energy, Inc. NVE announced today that they have reached a
definitive acquisition agreement whereby MidAmerican will acquire NV Energy,
an energy holding company serving approximately 1.3 million electric and
natural gas customers in Nevada.
Under the terms of the agreement, MidAmerican will purchase all outstanding
shares of NV Energy's common stock for $23.75 per share in cash. The
transaction, which has been unanimously approved by both companies' boards of
directors, has an enterprise value of approximately $10 billion. The
acquisition is subject to customary closing conditions, including the approval
of the transaction by NV Energy's shareholders and the receipt of required
state and federal approvals. The transaction is currently expected to be
completed in the first quarter of 2014.
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