Multiple sources reported Sunday evening that Sempra's $9.45 billion offer for Oncor has been accepted by Energy Future Holdings, a bankrupt Texas utility that is the parent company of Oncor.
The new proposal would see Sempra own 60% of a restructured Energy Future business and in a statement it noted that the deal had a transaction value of almost US$19bn including Oncor's debt, which will be assumed by Sempra.
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 USA bankruptcy judge. The most recent bid in July by Berkshire Hathaway Energy, a subsidiary of billionaire investor Warren Buffett'sBerkshire Hathaway, said it would pay $9 billion for Energy Future and Oncor. The transaction's enterprise value would be roughly $18.8 billion.
Sempra Energy's headquarters in downtown San Diego. Hedge fund Elliott Management, which owns a significant portion of Oncor's debt, opposed Berkshire's takeover bid, saying it wasn't enough.
The transaction of the largest power distribution/transmission system in Texas should be accretive beginning next year, Sempra officials said. The conglomerate, which filed for Chapter 11 bankruptcy in 2014, is saddled with about $50 billion in debt.
This is the fourth time that that an acquisition attempt has been made for Oncor.
Sempra plans to maintain the existing independence of Oncor's board, which has protected the electricity company and its customers during the ongoing EFH bankruptcy that has dragged on for three years.
Claiming the deal will strengthen Oncor's underlying financial strength and credit ratings, Sempra said it is committed to supporting Oncor's $7.5 billion, five-year capital investment plan. It had announced rare support from utility commission and consumer groups, and it circulated a document with 44 regulatory commitments that it says parties that might intervene at the utility commission have already agreed to. Allen Nye, now Oncor's general counsel, will succeed Shapard as Oncor CEO.
Reed added: "It is important for Oncor to remain financially strong".
Department of Commerce earlier this year granted AT&T the right to build the nation's first network dedicated to first responders. The company says it also offers full interoperability with Band 14 radio - spectrum set aside for use on FirstNet networks.
He, however, urged Nigerians to be patient and show more understanding over issues that affect their leaders. It's the second time in 2017 that president Buhari had been away for an extended period on medical vacation.
After a quick turnaround, she needed only 67 minutes to beat a rested Caroline Wozniacki 6-2, 6-4 for a sweep into the semis. I'm just happy obviously with the win, but I'm just happy with the way I kept myself together throughout the whole match.
Bush and Barack Obama. "Democrats will use every avenue to challenge the repulsiveness of President Trump's words and action". Members of Congress have unsuccessfully tried to censure a number of presidents, including Bill Clinton, George W.
Last month, Muguruza won her second Grand Slam after the 2016 French Open and her fourth career title on the All-England grass. Barty will face former world No. 1 Caroline Wozniacki , a 6-2, 6-4 victor against Russia's Elena Vesnina, in the last 16.
Adityanath said that rescue operation has been taken up on a war footing with railways and the state government working together. At least 23 people have been killed and dozens injured after at least eight carriages of a train derailed in northern India.
Department of Labor figures released today show the state's seasonally adjusted unemployment rate was 7 percent in July. Madera County's July unemployment rate was 8.4 percent, up from 8 percent in June but below 9.2 percent a year ago.
On Aug. 18 of that year, she premiered " Shake It Off " and announced the upcoming release of her first pop album, 1989. The blank space on Taylor Swift's social media pages is gone, replaced by a brief video of what appears to be a snake .
An emotional minute's silence was held before the game as the music of Catalan cellist Pau Casals played in the background. The name " Barcelona " will be exhibited at the back of the jerseys instead of the names of the players.
Recall Alert: Don't Use These Solar Eclipse Glasses
The coffee chain says customers can return the glasses at any Dutch Bros. store Monday and receive any drink for free. Dutch Bros took back assurances that the eclipse glasses the local coffee chain handed out are safe.