Dallas-based electricity distributor Oncor Electric Delivery Company LLC has a new owner – finally.
San Diego-based Sempra Energy (NYSE: SRE) announced that the Public Utility Commission of Texas approved the company’s $9.45 billion bid for the bankrupt Energy Future Holdings and its utility subsidiary Oncor. The deal ends a nearly four-year odyssey for new ownership following bankruptcy. The saga is littered with some big names who tried and failed to complete the acquisition. Among the names are the Hunt family and Warren Buffett’s Berkshire Hathaway.
“The Public Utility Commission’s approval of our application is a significant milestone for both Oncor and Sempra Energy,” said Debra L. Reed, chairman, president and CEO of Sempra Energy. “We are pleased the Commission has found our transaction to be in the public interest. Sempra Energy is committed to being a good partner for the state and is supportive of Oncor’s mission to provide Texans with safe, reliable and affordable electric service.”
In August, Sempra Energy modified its $9.45 billion plan to acquire Oncor Electric Delivery Co. in an attempt to win approval from Texas regulators.
Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.5 million homes and businesses and operating more than 134,000 miles of transmission and distribution lines in Texas.
