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Berkshire Hathaway Makes $18B Play for Oncor
Berkshire Hathaway, the multinational conglomerate belonging to billionaire Warren Buffet, unveiled an $18 billion deal to acquire Oncor and its 120,000 miles of transmission and distribution power delivery lines. Oncor’s grid delivers power to more than three million homes and business in North and West Texas.
The deal would involve $9 billion in cash from Berkshire Hathaway. The buyer would also assume Oncor’s debt. Energy Future Holdings, Oncor’s parent company and Texas’ largest power conglomerate, filed for Chapter 11 bankruptcy in 2014. Oncor, however, has remained independent from Energy Future’s bankruptcy.
The proposed deal will require the sign-off of the judge overseeing Energy Future’s bankruptcy, as well as approvals from federal regulators and the Public Utility Commission of Texas. Under the proposal, Oncor headquarters would remain in Dallas.
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