NV Energy board, stockholders score with Buffett’s purchase
By Eli Segall, Las Vegas Sun
Warren Buffett’s purchase of NV Energy will be a financial bonanza to the utility’s stockholders, and the board of directors is no exception.
Filings with the Securities Exchange Commission show that each of the Las Vegas power company’s 10 board members holds tens of thousands of shares in the utility and is poised to cash in big on Buffett. His MidAmerican Energy Holdings Co. reached a deal in late May to buy NV Energy for $23.75 per share, or $5.6 billion cash.
NV Energy President and CEO Michael Yackira, one of the highest-paid executives in the Las Vegas Valley, will collect $21.2 million from the buyout, far more than the other board members. He’s followed by Chairman Philip Satre at $2.7 million, former Station Casinos executive Glenn Christenson at $2.5 million and Las Vegas attorney John O’Reilly at $2 million, according to a filing last month with the SEC.
