The FERC Wednesday approved the acquisition of MidAmericanEnergy Holdings Co. by an investor group made up of Inc., Omahabusinessman Walter Scott, and David L. Sokol, MidAmerican CEO.MidAmerican filed with the Federal Energy Regulatory CommissionNov. 8. On Nov. 29, MidAmerican received early termination of thewaiting period under the Hart-Scott-Rodino Antitrust ImprovementAct after filing Nov. 12. The transaction is still subject toMidAmerican shareholder approval as well as clearance by the IowaUtilities Board, the Nuclear Regulatory Commission and the IllinoisCommerce Commission. Closing is expected in the first quarter.
MidAmerican is to be acquired by the investor group for$35.05/share in cash, which, together with assumption of debt,represents a total enterprise value of $9 billion. MidAmerican,headquartered in Des Moines, IA, has 9,800 employees. Throughretail utility subsidiaries, MidAmerican Energy in the U.S. andNorthern Electric in the U.K., the company provides electricservice to 2.2 million customers and gas service to 1.2 millioncustomers worldwide.
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