September 22, 2008
MidAmerican Energy Holdings Company reaches definitive agreement in which MidAmerican will acquire Constellation Energy for approximately $4.7 billion in cash, or $26.50 per share.
On September 19, Willkie client MidAmerican Energy Holdings Company reached a definitive agreement in which MidAmerican will acquire Constellation Energy for approximately $4.7 billion in cash, or $26.50 per share. In connection with the merger, MidAmerican has also agreed to make a $1 billion investment in Constellation convertible preferred stock, yielding eight percent. With 2007 revenues of $21 billion, Baltimore, MD-based Constellation Energy is the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller. Des Moines, Iowa-based MidAmerican, a unit of Warren Buffett's Berkshire Hathaway Inc., provides energy services to more than 6.9 million customers worldwide. MidAmerican business platforms include Pacific Power, Rocky Mountain Power and PacifiCorp Energy, which comprise PacifiCorp; MidAmerican Energy Company; CE Electric UK; Northern Natural Gas Company; Kern River Gas Transmission Company; and CalEnergy.
The deal was handled by partners Peter Hanlon, Adam Turteltaub, Laurence Weltman, William Dye, Henry Cohn, and David Rubinsky; and associates Dalia Al-Sayeh, Howard Block, Sheryl Brown, Katie Calabrese, Joshua Deason, Jason Ertel, Amanda Granacher, Keith Grannis, Kevin Klesh, Bret Cohen, Jeffrey Letalien, Andrew Reardon, Adam Shulman, Samuel Tversky and Mal Serure.
