Investor Warren Buffett greets shareholders while touring the exhibit floor prior to holding the Berkshire Hathaway shareholders meeting, in Omaha, Neb., Saturday, May 4, 2013. Tens of thousands attend Berkshire Hathaway shareholder meeting to hear Warren Buffett and Charlie Munger answer questions for more than six hours. No other annual meeting can rival Berkshire's, which is known for its size, the straight talk Buffett and Munger offer and the sales records shareholders set while buying Berkshire products. (AP Photo/Nati Harnik)
OMAHA, Neb. (AP) — Shareholders of NV Energy Inc. have approved selling the Nevada utility to Berkshire Hathaway’s MidAmerican Energy utility for $5.6 billion.
NV Energy announced the shareholder vote on Wednesday, but the deal isn’t expected to close until sometime in the first quarter of next year because it still needs regulatory approval.
The NV Energy deal will be one of MidAmerican’s biggest, and it will be a sizable addition to Warren Buffett’s Omaha-based Berkshire conglomerate.
NV Energy owns the Nevada Power Co. and Sierra Pacific Power Co., and it earned $321.9 million on revenue of $2.98 billion in 2012.
MidAmerican, which is based in Des Moines, Iowa, is paying $23.75 per NV Energy share and assuming some debt. Including debt, the deal is valued at $10.1 billion.