Which energy company did Berkshire Hathaway acquire a controlling interest in in 1999?

Berkshire Hathaway acquired a controlling interest in MidAmerican Energy in 1999.

More precisely, the target was MidAmerican Energy Holdings Company, the energy holding company that later became Berkshire Hathaway Energy. Berkshire joined an investor group led by Walter Scott Jr., David L. Sokol, and Gregory Abel in a transaction valued at roughly $2.2 billion, including assumed debt and related securities.

The deal gave Berkshire a major foothold in regulated utilities and energy infrastructure. Unlike many Berkshire investments, this was an operating-business acquisition: the company owned utility and energy assets that could generate recurring cash flow and reinvest heavily in its network.

The name can cause confusion. MidAmerican Energy Company is one utility subsidiary, while MidAmerican Energy Holdings Company was the broader parent acquired by Berkshire. In 2014, that parent adopted the name Berkshire Hathaway Energy. Berkshire later increased its stake and became the company’s sole owner in 2024.