MidAmerica Energy Holdings, corporate parent of MidAmerican Energy, on Friday closed its merger with Las Vegas-based NV Energy after securing final state and federal regulatory approvals.
The two companies announced on May 29 that they had reached a definitive agreement in which MidAmerica Energy Holdings purchased all outstanding shares of NV Energy’s common stock for $23.75 per share in cash.
The transaction, unanimously approved by both companies’ boards of directors and NV Energy shareholders, will be equal to about $10 billion.
NV Energy will operate as a separate, locally managed company with its headquarters in Las Vegas. The company will continue to serve 1.3 million electric and natural gas customers in Nevada.
Michael Yackira, chief executive officer of NV Energy, will lead the company until he retires in June 2014. Paul Caudill, who most recently served as president of MidAmerican Solar, has joined NV Energy as president.
Caudill will work with Yackira and the leadership team at NV Energy as part of an executive transition over the next six months.
The Nevada approval was obtained after achieving a multiparty agreement. It 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.