Buffett's Berkshire Buying NV Energy for $5.6B

By: Associated Press Email
By: Associated Press Email

Statement from U.S. Senator Harry Reid:

"I've spoken to Warren Buffett, Michael Yackira and Phil Satre and it is not often I have been as enthused about a deal as I am now. I am elated. It is really good news for Nevada that Warren Buffett wants to invest $5.5 billion in our state. He told me that he loves Nevada and now has an excuse to come here more often."

NEW YORK (AP) - Berkshire Hathaway's MidAmerican Energy utility is buying Nevada electric and natural gas company NV Energy Inc. for $5.6 billion in a deal that the companies say will marry MidAmerican's expertise in renewable energy with Nevada's solar and wind resources.

MidAmerican is paying $23.75 per share, a 23 percent premium to NV's closing price on Wednesday. Including debt, the deal is valued at about $10.1 billion. Both companies' boards approved the sale, which will close in the first quarter of 2014, subject to approval by regulators and NV Energy shareholders.

NV Energy serves about 1.3 million customers through Nevada Power Co. and Sierra Pacific Power Co. Its shares spiked 23 percent to $23.67 in aftermarket trading on news of the deal.

Berkshire Hathaway Inc., controlled by Warren Buffett, owns about 80 subsidiaries, including clothing, furniture and jewelry firms. Its Des Moines, Iowa-based MidAmerican unit provides electric and natural gas to more than 7 million customers worldwide.

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