Deals
NextEra Agrees to Buy Oncor in $18.4 Billion Utility Deal
- Takeover follows Hunt group’s failed bid to buy Oncor
- NextEra gains the largest transmission operator in Texas
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NextEra Energy Inc. agreed to buy Energy Future Holdings Corp.’s Oncor Electric Delivery Co. LLC, adding stable returns from the largest electric transmission operator in Texas in an $18.4 billion deal.
The accord is part of a plan to let Energy Future exit bankruptcy after restructuring $50 billion in debt, according to a statement Friday from NextEra. A takeover would require approval from the court handling Energy Future’s Chapter 11 case and from Texas regulators. For a period of time, Oncor’s parent may consider other bids.