Southwest Gas said it plans to buy a Nevada S&L;.
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The natural gas concern said it has signed a letter of intent to acquire Nevada Savings for about $130 million in cash and Southwest common stock. The purchase, which requires regulatory and shareholder approval, would be Southwest’s first acquisition outside of the natural gas transmission and distribution business. Southwest serves 720,000 customers in Arizona, California and Nevada. Nevada Savings, with assets of $1.4 billion, is Nevada’s largest savings and loan association.
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