MidAmerican Energy Holdings Co (MEHC) closed its merger with NV Energy. The said deal was completed after receiving the final state and federal regulatory approvals from the Federal Energy Regulatory Commission (FERC), the US Department of Justice, and the Public Utilities Commission of Nevada (PUCN), according to Electric Light & Power (ELP).
Under the terms of the deal, NV Energy will continue to operate as a separate and locally managed entity. The firm will remain based in Las Vegas to serve its 1.3 million natural gas and electric clients in Nevada, the report detailed.
Paul Cadill, who recently served as MidAmercian Solar's president, is joining NV Energy as the new president, effective immediately. This is part of an executive transition that will be implemented over the next six months, the report added.
On May 29 this year, MidAmerican and NV Energy had reached a definitive agreement in which MEHC will purchase all of NV Energy's outstanding shares for $23.75 apiece. The transaction received unanimous approval from both of the companies' board of directors and NV Energy's stockholders, the report explained.
The merger values NV Energy at about $10 billion, ELP reported.
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