Sempra Energy completes acquisition of majority stake in Oncor
Published by Lydia Woellwarth,
Sempra Energy recently completed its US$9.45 billion acquisition of Energy Future Holdings Corp. (EFH), including EFH's approximate 80% indirect ownership interest in Oncor Electric Delivery Company LLC (Oncor). The close of the transaction creates a utility holding company with the largest US customer base.
"The completion of this acquisition – the biggest in our 20 year history – represents an important milestone in the execution of our growth strategy moving forward," said Debra L. Reed, Chairman, President and CEO of Sempra Energy. "We expect the addition of Oncor to diversify our base of US utility earnings and create a broader platform for our expansion in the future. Oncor is an exceptional utility and we plan to provide the support it needs to continue to safely and reliably meet the needs of its millions of customers and the expanding economy in Texas."
Oncor will remain headquartered in Dallas. Allen Nye, who has been serving as Oncor's Senior Vice President and General Counsel, now becomes Oncor's CEO, succeeding Bob Shapard, who becomes Oncor's Chairman.
"We are thrilled to have a financially strong and dynamic majority owner in Sempra Energy," said Nye. "Sempra Energy will be a great partner in our mission to provide the safest, most reliable and affordable electric service to our customers."
The Public Utility Commission of Texas approved Sempra Energy's and Oncor's joint Change-in-Control application last week. The US Bankruptcy Court for the District of Delaware provided its final approval last month. Sempra Energy entered into the agreement to acquire EFH on 21 August 2017.
Read the article online at: https://www.worldpipelines.com/business-news/13032018/sempra-energy-completes-acquisition-of-majority-stake-in-oncor/
You might also like
Quorum Software announces cloud-optimised, next-generation planning space
New 'Planning Space' accelerates business planning workflows with connected data for greater efficiency, transparency, and risk management.