NV Energy to be bought by Warren Buffett-controlled company - FOX5 Vegas - KVVU

NV Energy to be bought by Buffett-controlled company

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A sign showcases the logo of NV Energy. (File/FOX5) A sign showcases the logo of NV Energy. (File/FOX5)
Warren Buffett speaks during an interview with Liz Claman of the Fox Business Network, in Omaha, Neb., Monday, May 6, 2013. The Berkshire Hathaway shareholders meeting took place over the weekend. (AP Photo/Nati Harnik) Warren Buffett speaks during an interview with Liz Claman of the Fox Business Network, in Omaha, Neb., Monday, May 6, 2013. The Berkshire Hathaway shareholders meeting took place over the weekend. (AP Photo/Nati Harnik)
LAS VEGAS (FOX5) -

A company controlled by Warren Buffett announced plans Wednesday to purchase NV Energy.

MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway Inc., where Buffett serves as CEO, said it has reached a definitive acquisition agreement the power company that serves about 1.3 million electric and natural gas customers in Nevada.

The agreement provides for the purchase of NV Energy's common stock for $23.75 per share in cash - a deal worth about $10 billion.

"By joining forces with MidAmerican, we will gain access to additional operational and financial resources as we continue to position NV Energy to support the evolving energy needs of our state and work with public policy leaders and regulators to reshape Nevada's energy future," said Michael Yackira, president and CEO of NV Energy.

Buffett said the Nevada-based utility company is a great fit for Berkshire Hathaway.

"We are pleased to make a long-term investment in Nevada's economy," said the multi-billionaire. "Through MidAmerican, we have found in NV Energy a great company with similar values, outstanding assets and a superb management team."

Sen. Harry Reid, D-NV, said he is elated about the deal.

"It is really good news for Nevada that Warren Buffett wants to invest $5.5 billion in our state," Reid said in a written statement. "He told me that he loves Nevada and now has an excuse to come here more often."

Gov. Brian Sandoval, R-NV, said he spoke with Buffett on the deal.

"[Buffett] expressed admiration for Nevada and the many good reasons to do business here," Sandoval said in a statement. "I look forward to MidAmerican becoming a part of our business community and welcome it to the Great State of Nevada."

The purchase must be approved by NV Energy's shareholders and state and federal regulators. The company said the sale is expected to be final by the first quarter of 2014.

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