Berkshire Hathaway Energy, a unit of Warren Buffett’s Berkshire Hathaway Inc, said on Friday it would acquire Oncor Electric Delivery Company LLC in a deal that puts Oncor’s equity value at about $11.25 billion.
Berkshire Hathaway Energy said it agreed to buy reorganized Energy Future Holdings Corp (EFH), Dallas-based Oncor’s bankrupt parent, for $9 billion in cash.
The deal is a bold bet by Buffett that he could win approval for the acquisition from Texas regulators, after they blocked two earlier attempts to sell Oncor, one of the largest U.S. power transmission networks, to other companies.
“By joining forces with Berkshire Hathaway Energy, we will gain access to additional operational and financial resources as we continue to position Oncor to support the evolving energy needs of our state,” said Oncor Chief Executive Bob Shapard. Read more at CNBC.