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Sempra snatches Oncor from Buffett with $9.45 billion bid-sources

SEMPRA

22/08/2017

NYTIMES

Bankrupt Texas utility Energy Future Holdings will abandon a deal to sell power transmission company Oncor to Warren Buffett’s Berkshire Hathaway Inc for $9 billion (6.9 billion pounds) and will accept a $9.45 billion bid for Oncor by Sempra Energy instead, people familiar with the matter said. The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped in two months ago to buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators. Dallas-based Oncor delivers power to more than 3.4 million homes and businesses through roughly 122,000 miles (196,000 km) of transmission and distribution lines. Based in San Diego, Sempra owns and operates electric and gas utilities in the United States and South America, including San Diego Gas & Electric and SoCalGas in California, Luz del Sur in Peru, and Chilquinta Energía in Chile. It has a market capitalization of $29.2 billion.

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