Liam Denning, Columnist

Sempra Gets Less Messy With Texas

A simpler deal structure makes local approval more likely.

October 5, 2017 at 2:15 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

1507213132_GettyImages-578126288 — Photographer: David Paul Morris

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If there is one company that embodies the slogan "Don't mess with Texas," it is surely Oncor Electric Delivery Co.

Sempra Energy updated investors late on Wednesday about its plan to acquire the Dallas-based utility. You may recall that in late August, Sempra jumped into the battle to buy Energy Future Holdings Corp. (EFH), the entity that owns 80 percent of Oncor and is itself a remnant of the busted leveraged buyout of TXU Corp. back in 2007.