Aug 21 (Reuters) - Sempra Energy said it will buy power transmission company Oncor, 80 percent owned by Energy Future Holdings Corp, for $9.45 billion in cash, resolving the Texas utility’s long-standing bankruptcy case.
San Diego-based Sempra expects to own about 60 percent of the reorganized holding company after the transaction that is valued at $18.8 billion, including Oncor’s debt, it said late on Sunday.
Energy Future’s board on Sunday favored Sempra’s offer over Berkshire Hathaway $9 billion deal to buy Oncor, sources told Reuters, after Sempra also offered assurances it could get its acquisition of Oncor approved by Public Utility Commission of Texas, as well as a U.S. bankruptcy judge.
The deal represents a rare blow for Buffett, who avoids bidding wars 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.
Berkshire said last week it would not be raising its offer for Oncor.
Reporting by Rama Venkat Raman in Bengaluru; Editing by Biju Dwarakanath