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Warren Buffet Bets $5.6B on Nevada Energy

May 31, 2013
(Christian Science Monitor)

One of the world's most successful investors is making his next big bet in a fitting place: Las Vegas.

Warren Buffett's Berkshire Hathaway announced late Wednesday it will pay $5.6 billion to acquire NV Energy – the company that keeps the lights on in the casino capital and other parts of the state. Nevada's largest utility will join MidAmerican Energy Holdings, Berkshire's energy subsidiary, in the largest acquisition of a US power company since last July when Duke Energy bought Progress Energy for $17.8 billion.