Warren Buffett’s Berkshire Hathaway has made a couple moves this week, acquiring a large power company and a small daily newspaper.
Berkshire subsidiary MidAmerican Energy is buying the power company, NV Energy, which is Nevada’s largest electric utility, The New York Times reports. The move — the largest in MidAmerican’s history — appeared to be in part a play on Nevada’s economy recovering after being hit hard by the housing bubble bursting, the Times reported. “This is a great fit for Berkshire Hathaway, and we are pleased to make a long-term investment in Nevada’s economy,” Buffett said. “Through MidAmerican, we have found in NV Energy a great company with similar values, outstanding assets, and a superb management team.” MidAmerican is paying $5.6 billion, a 23% premium to NV’s shares, the Times said.
Berkshire’s BH Media Group, meanwhile, will be purchasing Virginia’s Roanoke Times, the paper reported. The price was undisclosed. This marks the 29th paper that Berkshire has purchased.