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Berkshire Hathaway nears deal to buy Oncor: WSJ

Posted by: Admin | Posted on: July 6th, 2017 | 0 Comments


Berkshire Hathaway Inc’s (BRKa.N) energy unit is nearing a deal to buy utility company Oncor, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Terms of the deal weren’t disclosed, but could be announced as soon as Thursday, according to the WSJ report. (on.wsj.com/2sKEeYv)

Berkshire Hathaway was among the leading bidders for Energy Future Holding Corp’s Oncor Electric Delivery, Bloomberg had reported in July last year.

Power producer NextEra Energy Inc (NEE.N) had also bid for Energy Future Holdings’ 80 percent stake in Oncor for $18.4 billion.

However, Texas regulators in May this year nixed NextEra’s deal, saying it was not in public interest.

Energy Future had filed for Chapter 11 in April 2014 after it failed to meet its debt obligations as electricity prices weakened.

Neither Berkshire, nor Oncor did not immediately respond to requests for comment.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Shounak Dasgupta)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/lmbK0C7HduU/us-oncor-m-a-berkshire-hathaway-idUSKBN19R2NF

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