Utah Power Credit Union hosted a ceremony on June 6 to unveil their new sign denoting the name change involved with the purchase of the Utah Power by MidAmerican Energy Holdings. The staff at the credit union office unveiled the sign, with the assistance of dignitaries from PacifiCorp, Energy West and the Emery County Chamber of Commerce.
MidAmerican agreed to buy Glasgow-based ScottishPower PLC's PacifiCorp unit, which serves 1.6 million customers. MidAmerican is controlled by Warren Buffett's Berkshire Hathaway Inc.
"The energy sector has long interested us, and this is the right fit," said Buffett. "We are excited to be making this long-term investment, through MidAmerican, in the premier energy company in the West. PacifiCorp is a great company with outstanding assets."
MidAmerican said that the acquisition will create an energy holding company serving approximately 3 million electric and natural gas customers in 10 states and 6.6 million customers worldwide.
In a statement, MidAmerican said it will purchase all outstanding shares of PacifiCorp common stock for approximately $5.1 billion in cash plus approximately $4.3 billion in net debt and preferred stock, which will remain at PacifiCorp.
The transaction will result in a company with assets of more than $32 billion, including $25.3 billion are in the United States. MidAmerican will have approximately $10 billion in annual revenues internationally, including $8.5 billion from the United States, the company said.