May 25, 2005
MidAmerican Energy Holdings Company announces definitive agreement to acquire PacifiCorp from ScottishPower in a deal valued at $9.4 billion.
On May 24, Willkie client MidAmerican Energy Holdings Company announced that it has reached a definitive agreement to acquire PacifiCorp from ScottishPower in a deal valued at $9.4 billion. The deal calls for approximately $5.1 billion to be paid in cash for all of PacifiCorp’s common stock, plus approximately $4.3 billion in net debt and preferred stock. The transaction is expected to create an energy holding company serving approximately 3 million electric and natural gas customers in 10 contiguous states and 6.6 million customers worldwide. It will result in a company with assets totaling more than $32 billion and revenues of approximately $10 billion. Warren Buffett’s Berkshire Hathaway Inc. holds an 80% economic interest in MidAmerican. As reported in the May 25 Daily Deal, the Willkie team included partners Peter Hanlon, Laurence Weltman and Henry Cohn, and associates Stuart Goldfarb, David Rubinsky, Catherine Harrington, Kathleen McCabe, Natasha Friedrichs, Joshua Cohen, Douglas Cordiano, Scott Eisenberg, Jordan Messinger and Jarret Slepian.
