NextEra Outbids Rivals for Controlling Stake of Oncor

NextEra Energy has outbid its rivals for Energy Future Holding’s 80% stake of Oncor in an $18.4 billion deal. Oncor is based in Dallas and is Texas’ biggest power provider, delivering electricity to 10 million Texas homes. The sale was vital for Energy Future Holding, the former TXU Corporation. Energy Future Holdings has been going through bankruptcy proceedings since April 2014 (Case No. 14-10979). The sale is big for NextEra who has signaled their desire to expand as a regulated utility.

Warren Buffet’s company, Berkshire Hathaway Inc., was also a final contender for purchasing Oncor but they dropped out after several rounds of bidding.

The deal still requires approval from Texas utility regulators and the bankruptcy court.

You can read the Wall Street Journal’s article here.

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