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PACIFICORP ANNOUNCES COMPLETION OF NERCO, RTZ AMERICA MERGER

 PORTLAND, Ore., June 2 /PRNewswire/ -- PacifiCorp (NYSE: PPW) today announced the completion of the merger of NERCO Inc. (NYSE: NER) and a wholly owned subsidiary of RTZ America Inc. (NYSE: RTZ). Under the terms of the merger agreement, a subsidiary of PacifiCorp received $384 million in cash in exchange for its 82-percent ownership interest in NERCO. As contemplated by the transaction agreement, an affiliate of PacifiCorp has funded a $225 million loan to the buyer and the balance of the proceeds were applied to reduce outstanding debt.
 With the closing of the NERCO transaction, Will Glasgow, formerly president of NERCO, will return to PacifiCorp as senior vice president and chief financial officer.
 -0- 6/2/93
 /CONTACT: Mike Nelson, 503-731-2125, or Chris Hunter, 503-731-2090, both of PacifiCorp/
 (PPW NER RTZ)


CO: PacifiCorp; NERCO Inc.; RTZ America Inc. ST: Oregon IN: UTI SU: TNM

LM -- SE022 -- 4556 06/02/93 15:07 EDT
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Publication:PR Newswire
Date:Jun 2, 1993
Words:152
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