MidAmerican Energy Holdings Co. and NV Energy closed their merger after receiving the required final state and federal regulatory approvals or clearances from the Public Utilities Commission of Nevada (PUCN), the Federal Energy Regulatory Commission (FERC) and the U.S. Department of Justice.
NV Energy will operate as a separate, locally managed company, and will continue to be headquartered in Las Vegas. It will continue to serve its 1.3 million electric and natural gas customers in Nevada.
NV Energy will continue to be led by Yackira, who announced his retirement effective June 2014. Paul Caudill, who most recently served as president of MidAmerican Solar, is joining NV Energy as president, effective immediately. Caudill will work with Yackira and the local leadership team at NV Energy as part of an executive transition over the next six months.
MidAmerican and NV Energy announced on May 29, 2013 that they had reached a definitive agreement pursuant to which MEHC has purchased all outstanding shares of NV Energy’s common stock, for $23.75 per share in cash. The transaction was unanimously approved by both companies’ boards of directors, received the requisite approval of NV Energy’s stockholders, and equates to an enterprise value of about $10 billion for NV Energy.
The Nevada approval was obtained after achieving a multi-party agreement in the state proceeding. The agreement 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.