Berkshire Hathaway subsidiary MidAmerican Energy said it would buy Nevada electric and natural gas company NV Energy (NVE) for $5.6 billion, or $23.75 a share, in cash. The offer equates to about 23% of NV Energy's Wednesday closing price. The Berkshire subsidiary's move comes on the heels of several investments in renewable energy projects as it attempts to expand within the energy sector. NV Energy, which serves customers through Nevada Power and Sierra Pacific Power, said it will keep its headquarters in Las Vegas and continue operating as a separate entity under its own name. The companies said their boards have approved the deal, which they expect to close in the first quarter of 2014. It will be subject to regulatory and shareholder approval. "This is a great fit for Berkshire Hathaway, and we are pleased to make a long-term investment in Nevada's economy," Berkshire's head Warren Buffett said in a statement.
Costco Wholesale (COST - Get Report) reported a 20% rise in third-quarter profit on increased sales and higher membership fees. The grocery warehouse-club chain said it earned $459 million, or $1.04 a share, last quarter, up from $386 million, or 88 cents a share, the same period last year. Analysts had been looking for earnings per share of $1.03.