The current shareholders of NV Energy Inc. have approved the sale of the company to MidAmerican Energy, a Berkshire Hathaway company, for $5.6 billion.
The company announced the voting of the shareholders on Wednesday, but the deal itself is not expected to close until the first quarter of 2014. It needs regulatory approval before they can move forward.
At this time, the deal with NV Energy is going to be one of the biggest for MidAmerican. It’s also going to be quite a sizable addition to the Berkshire Hathaway conglomerate based out of Omaha, Nebraska.
NV Energy also owns the Sierra Pacific Power Co. and Nevada Power Co. In 2012, the company earned $321.9 million on revenue of $2.98 billion.
“We are pleased that our shareholders have decidedly approved the merger agreement with MidAmerican,” said Michael Yackira, CEO and President of NV Energy in a recent statement. “We will now turn our focus to the remaining approvals needed to complete the transaction.”
All in all, the Des Moines, Iowa-based MidAmerican Energy is going to pay a total of $23.75 per share of the company, and they are also going to assume some company debt. The total value of the debt is $10.1 billion.