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MidAmerican Energy Holdings Co., a subsidiary of Warren Buffett's Berkshire Hathaway Inc., has reached a definitive agreement whereby MidAmerican will acquire NV Energy, an energy holding company serving approximately 1.3 million electric and natural gas customers in Nevada.

Under the terms of the agreement, MidAmerican will purchase all outstanding shares of NV Energy's common stock for $23.75 per share in cash. The transaction, which has been unanimously approved by both companies' boards of directors, has an enterprise value of approximately $10 billion.

The acquisition is subject to customary closing conditions, including the approval of the transaction by NV Energy's shareholders and the receipt of required state and federal approvals. The transaction is currently expected to be completed in the first quarter of 2014.

"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," says Michael Yackira, president and CEO of NV Energy. "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.”

NV Energy will operate as a separate corporate subsidiary of MidAmerican Energy Holdings Co. under its current name and will continue to be headquartered in Las Vegas.

"This is a great fit for Berkshire Hathaway, and we are pleased to make a long-term investment in Nevada's economy," says Warren Buffett, chairman of Berkshire Hathaway. "Through MidAmerican, we have found in NV Energy a great company with similar values, outstanding assets and a superb management team."

Upon completion of this transaction, MidAmerican Energy Holdings Co. will have assets of approximately $66 billion and its regulated electric and gas utilities will serve 8.4 million customers.

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