Arab Today, arab today berkshire hathaway unit to buy nv energy for 56bn
Last Updated : GMT 09:42:59
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Berkshire Hathaway unit to buy NV Energy for $5.6bn

Arab Today, arab today

Arab Today, arab today Berkshire Hathaway unit to buy NV Energy for $5.6bn

New York - AFP

Berkshire Hathaway unit MidAmerican Energy will buy NV Energy for $5.6 billion, the companies announced Wednesday, as investor Warren Buffett eyes Nevada\'s abundant renewable energy resources. Under the deal, announced after the market close, MidAmerican Energy Holdings Company will purchase all outstanding shares of NV Energy for $23.75 per share in cash, a 23.1 percent premium over the Las Vegas-based firm\'s closing price Wednesday. The deal has been unanimously approved by both boards of directors and has an \"enterprise value\" of approximately $10 billion, the companies said. \"This is a great fit for Berkshire Hathaway, and we are pleased to make a long-term investment in Nevada\'s economy,\" said Warren Buffett, legendary investor and chairman of Berkshire Hathaway. The purchase gives MidAmerican leverage in the growing Nevada economy, where NV Energy provides electricity and gas to 1.3 million customers. The company also provides power from geothermal, solar, wind and other renewable resources, such as landfill gas projects. \"The benefits we bring to NV Energy are the resources and strength of a global energy partner that lends stability, expertise, and access to competitively priced capital to support NV Energy\'s strategic focus,\" said Greg Abel, MidAmerican chairman and chief executive. For NV Energy, the deal provides access to MidAmerican\'s operational and financial resources for pursuits like renewable energy, said Michael Yackira, NV Energy\'s president and chief executive. \"Importantly, we will have the opportunity to combine MidAmerican\'s expertise in renewable energy with Nevada\'s vast renewable resources for the benefit of our customers and our state,\" Yackira said. NV Energy will operate as a separate corporate subsidiary of MidAmerican Energy and will continue to be headquartered in Las Vegas. The transaction, expected to close in the first quarter of 2014, is subject to approval by NV Energy shareholders and federal and state authorities. NV Energy shares surged 24.1 percent to $23.92 in after-hours trading, above the agreed $23.75 acquisition price. \"We would warn merger-arbitrage investors that Mr. Buffett and his team almost never pay more than the original terms agreed to even if others believe a company is worth more money,\" said Jon Ogg of 24/7 Wall Street.

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