SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 27, 1998
Commission Exact Name Of Registrant As IRS Employer
File Number Specified In Its Charter Identification No.
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1-12459 MidAmerican Energy Holdings Company 42-1451822
(An Iowa Corporation)
1-11505 MidAmerican Energy Company 42-1425214
(An Iowa Corporation)
666 Grand Avenue, P. O. Box 657, Des Moines, Iowa 50303-0657
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 515/242-4300
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Item 5. OTHER EVENTS.
MidAmerican Energy Company, a public utility company and wholly owned
subsidiary of MidAmerican Energy Holdings Company, announced on May 27, 1998 the
acquisition of AmerUs Home Services Inc. (the third-largest real estate
brokerage group in the nation). A copy of MidAmerican's press release is
attached to this report.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Press Release of MidAmerican Energy Company dated May 27, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MIDAMERICAN ENERGY HOLDINGS COMPANY
MIDAMERICAN ENERGY COMPANY
/s/ Paul J. Leighton
Paul J. Leighton
Vice President and Corporate Secretary
May 27, 1998
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FOR IMMEDIATE RELEASE
May 27, 1998
Tim Grabinski at 515-281-2343
([email protected])
MidAmerican Energy Finalizes Innovative Purchase
Of Real Estate Brokerage; Sees Benefits to Homeowners
DES MOINES, Iowa -- MidAmerican Energy Holdings Company's innovative acquisition
of the third-largest real estate brokerage group in the nation became official
today with the closing of the deal, promising benefits for brokers, sales agents
and shareholders as it adds value and convenience for home buyers.
In purchasing AmerUs Home Services Inc. for approximately $80 million,
MidAmerican acquires real estate operations in five states: Iowa Realty and
First Realty/Better Homes & Gardens, both operating across Iowa; Edina Realty in
Minnesota, North Dakota and Wisconsin; and Carol Jones Realtors in Springfield,
Mo.
Stanley J. Bright, MidAmerican's chairman, president and chief executive
officer, said, "This is the start of a great partnership. We are bringing the
best brands, the best people and best services under one roof. Our partnership
will enable us to offer the home buyer a full array of services at exactly the
point when the client has these needs."
Ronald J. Peltier, president and CEO of Edina Realty Home Services, said, "While
this transaction is the first of its kind, we believe that the connection is a
natural. Both of our organizations have been developing value-added services for
homeowners."
R. Michael Knapp, president of Iowa Realty, said, "As a partner with
MidAmerican, we will have the resources and ingenuity to provide an advantage to
our customers whether they're listing a home, connecting electricity or shopping
for other services, such as mortgage financing and home security."
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MidAmerican/Add One
The acquisition breaks MidAmerican out of its traditional market area and
provides new channels for its products. Each of the new MidAmerican real estate
organizations leads its area in terms of size and market share. On a
consolidated basis, the companies comprise the third-largest real estate
brokerage group in the United States, based on more than 46,000 residential
buyer and seller transactions last year. They have more than 800 employees and
more than 3,400 sales agents.
Bright noted that customer choice was coming to the energy industry and that the
purchase of a home would be a critical moment for selecting energy services.
"Millions of Americans move each year," he said. "We're giving customers more
good reasons and opportunities to choose MidAmerican products and services."
MidAmerican and AmerUs signed a letter of intent on April 6. Each real estate
company will continue to operate independently under its existing name. No
changes in management are planned, and key management personnel in the real
estate companies will continue to have a minority equity interest in the
operation. MidAmerican was advised on this transaction by Financial Advisory
Partners, L.C., of Des Moines.
MidAmerican Energy Holdings Company, headquartered in Des Moines, Iowa, includes
MidAmerican Energy, Iowa's largest energy company. MidAmerican Energy serves
648,000 electric customers and 619,000 natural gas customers in Iowa, Illinois,
Nebraska and South Dakota. MidAmerican's common stock is traded on the New York
Stock Exchange under the symbol MEC. Information is available on the Internet at
http://www.midamerican.com.
