LAS VEGAS (KSNV MyNews3.com) – Billionaire Warren Buffett, through his energy subsidiary MidAmerican, is acquiring NV Energy.
“Ralston Reports” host Jon Ralston says the plan is for the company to remain in Nevada with the current management team.
"I've spoken to Warren Buffett, (NV Energy president and CEO) Michael Yackira and (chairman of the board) Phil Satre, and it is not often I have been as enthused about a deal as I am now,” said U.S. Senate Majority Leader Harry Reid of Nevada. ”I am elated. It is really good news for Nevada that Warren Buffet 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."
According to a news release, 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.
Check back for updates.