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NextEra Agrees to Buy Oncor in Deal Valued at $18.4 Billion

  • Takeover follows Hunt group’s failed purchase of utility
  • NextEra gains the largest transmission operator in Texas

NextEra Energy Inc. agreed to buy Energy Future Holdings Corp.’s Oncor Electric Delivery Co. LLC, adding the largest electric transmission operator in Texas in a deal valued at about $18.4 billion.

The agreement is part of a reorganization plan designed to allow Energy Future to emerge from bankruptcy after restructuring $50 billion in debt, according to a statement from Juno Beach, Florida-based NextEra Friday. A takeover would require the approval from the court handling Energy Future’s Chapter 11 case and from Texas regulators.

The sale continues a wave of takeovers in the utility sector as low prices and flat demand lead companies to seek growth through acquisitions. The announcement comes less than two weeks after NextEra’s $2.63 billion deal to buy Hawaii’s biggest power supplier, Hawaiian Electric Industries Inc., fell apart.

“It sounds like they were able to offer the best deal to creditors,” Bloomberg...


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