DES MOINES, Iowa, May 27 /PRNewswire/ -- MidAmerican Energy Holdings
Company's (NYSE: MEC) 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."
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.
SOURCE MidAmerican Energy Holdings Company
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Related links:
http://www.midamerican.com
CONTACT:
Tim Grabinski of MidAmerican Energy Holdings
Company, 515-281-2343, or tdgrabinski@midamerican.com
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