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MidAmerican, NV Energy complete merger process

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Updated: 12/19/2013 2:30 pm
LAS VEGAS — MidAmerican Energy Holdings Company and NV Energy Inc. announced that the companies closed their merger today after receiving the required final state and federal regulatory approvals or clearances from the Public Utilities Commission of Nevada, the Federal Energy Regulatory Commission and the U.S. Department of Justice.

NV Energy will operate as a separate, locally managed company, and will continue to be headquartered in Las Vegas. It will continue to serve its 1.3 million electric and natural gas customers in Nevada.

"NV Energy will remain a Nevada company, committed to the people of this state and the communities we serve," said Michael Yackira, CEO of NV Energy. "I've had a chance to work with the MEHC team, and they strongly complement our values and priorities. Our employees will now be able to tap into the significant resources of a larger organization that is a top performer in customer service, and has valuable experience in environmental stewardship and renewable energy. This is a solid fit as we continue to help shape Nevada's energy future."

NV Energy will continue to be led by Yackira, who announced his retirement effective June 2014. Paul Caudill, who most recently served as president of MidAmerican Solar, is joining NV Energy as president, effective immediately.

Caudill will work with Yackira and the local leadership team at NV Energy as part of an executive transition over the next six months.

"I am excited to have Paul Caudill join the NV Energy management team," Yackira said. "His leadership experience means he's the right choice to help us ensure continued safe, reliable energy for Nevada customers, while helping us explore and invest in greater renewable energy generation options that will benefit the future of Nevada."

MEHC and NV Energy announced May 29 that they had reached a definitive agreement pursuant to which MEHC has purchased all outstanding shares of NV Energy's common stock for $23.75 per share in cash. The transaction was unanimously approved by both companies' boards of directors, received the requisite approval of NV Energy's stockholders, and equates to an enterprise value of approximately $10 billion for NV Energy.

The Nevada approval was obtained after achieving a multi-party agreement in the state proceeding. The agreement includes a one-time bill credit to customers of NV Energy, totaling $20 million, which will begin to be applied within the next 30 days.

— From news release
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