Deals
Berkshire’s Abel Builds Buffett Energy Unit With Purchase
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Greg Abel, who helped build Berkshire Hathaway Inc.’s utility business MidAmerican Energy Holdings Co., is showing that he’s earned the trust of his boss, Warren Buffett, after striking a $5.6 billion deal for NV Energy Inc.
MidAmerican said that it would buy Las Vegas-based NV Energy for $23.75 a share in cash, or about 23 percent more than yesterday’s closing price, to expand in Nevada. The transaction stands to make Abel’s unit, which already operates in states including Iowa, Oregon and Utah, the largest U.S. utility owner by customer accounts.