Sempra Energy to buy Oncor for $9.45B, beating Buffett

Buffett and Anka

"Both Sempra Energy and Oncor share more than 100 years of experience operating utilities that deliver safe, reliable energy to millions of customers", said CEO Debra Reed.

If approved, the acquisition would be a massive one for Sempra Energy, which has a market value of about $30 billion. Sempra plans to fund the purchase through a combination of its own debt and equity, as well as third-party equity and $3 billion of borrowings by the reorganized company, it said. The deal still needs the approval of the Public Utility Commission of Texas, U.S. Bankruptcy Court of Delaware, Federal Energy Regulatory Commission and the U.S. Department of Justice.

But in a court proceeding on Friday in the Texas bankruptcy court overseeing Energy Future's case, a lawyer for Elliott mentioned the presence of a then-unnamed utility operator that could pay $9.3 billion for Energy Future. Oncor is a division of bankrupt Energy Future Holdings Corp.

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Ramos says seven of the 52 people hurt in in the accident near the island capital of Funchal had serious injuries. Two children are reported to have been killed, and some of the injured are said to be foreign nationals.

The transaction of the largest power distribution/transmission system in Texas should be accretive beginning next year, Sempra officials said. Berkshire had signaled it did not plan to lift its bid. We believe our agreement with Energy Future will help ensure that Texas utility customers continue to receive the outstanding electric service they have come to expect from Oncor and provide stability to Oncor's almost 4,000 employees.

In May 2016, an $18 billion deal to buy Oncor led by Dallas billionaire Ray Hunt fell apart over regulatory concerns.

Sempra said in its statement announcing the deal that it "will maintain the existing independence of Oncor's board of directors, which has protected Oncor and its customers during the ongoing Energy Future bankruptcy". A group led by Hunt Consolidated Inc. dropped a bid past year after the state imposed conditions it found too onerous. "And we've already seen two fail in this situation".

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That agency would be the primary point of contact for the project and help guide the project through the stages of the environmental review process.

When Energy Future was formed 10 years ago, utility commissioners insisted on a financial and corporate ring fence around Oncor to keep bankruptcy from dragging it down. Sempra has about 32 million customers in the United States and Mexico and employs about 16,000.

Sempra has spent more than a decade building its gas portfolio, including liquefied natural gas export facilities, pipeline growth projects and a sizable and early plunge into Mexico. These statements are based upon Berkshire Hathaway Energy Company's current intentions, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. That might allow Elliott to block the Berkshire deal as a so-called dissenting impaired class of creditor under bankruptcy law.

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The British organization and volunteers from the Sierra Leone Red Cross are assisting the government search and rescue operations. Other images showed battered corpses piled on top of each other, as residents struggled to cope with the destruction.

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