ScottishPower sells PacifiCorp for $9.4 billion

MidAmerican Energy Holdings has reached an agreement with ScottishPower to acquire its subsidiary, PacifiCorp, and create an energy holding company serving approximately three million electricity and gas customers in 10 US states and 6.6 million customers worldwide. The transaction has a value of approximately $9.4 billion.

The transaction, which has been approved unanimously by both companies’ boards of directors, will result in a company with assets totaling more than $32 billion internationally, of which $25.3 billion are in the United States.

Following the acquisition, MidAmerican will have approximately $10 billion in annual revenues internationally, of which $8.5 billion will be from the United States. It will own, operate and have under construction or in advanced development more than 16,000 megawatts of electric generation in the United States, relying on a fuel mix of coal, geothermal, hydroelectric, natural gas, nuclear, biomass and wind power.