Sempra Energy (NYSE:SRE) on March 9 said that it has completed its $9.45bn acquisition of Energy Future Holdings (EFH), including EFH’s approximate 80% indirect ownership interest in Oncor Electric Delivery Company.
Oncor will remain headquartered in Dallas, Sempra Energy said, adding that Allen Nye, who has been serving as Oncor’s senior vice president and general counsel, now becomes Oncor’s CEO, succeeding Bob Shapard, who becomes Oncor’s chairman.
"The completion of this acquisition – the biggest in our 20-year history – represents an important milestone in the execution of our growth strategy moving forward," Debra Reed, chairman, president, and CEO of Sempra Energy, said in the statement. "We expect the addition of Oncor to diversify our base of U.S. utility earnings and create a broader platform for our expansion in the future. Oncor is an exceptional utility and we plan to provide the support it needs to continue to safely and reliably meet the needs of its millions of customers and the expanding economy in Texas."
Nye said in the statement: "We are thrilled to have a financially strong and dynamic majority owner in Sempra Energy. Sempra Energy will be a great partner in our mission to provide the safest, most reliable and affordable electric service to our customers."
As TransmissionHub reported, the Public Utility Commission of Texas, in a March 8 order, said that it finds that the transaction through which Sempra Energy will acquire Energy Future Holdings’ approximately 80.03% indirect interest in Oncor Electric Delivery Company is in the public interest, provided that certain regulatory commitments are met.
Sempra Energy noted in its statement that the U.S. Bankruptcy Court for the District of Delaware provided its final approval last month. Sempra Energy also noted that it entered into the agreement to acquire EFH on Aug. 21, 2017.
According to the statement, Oncor is a regulated electric transmission and distribution service provider, made up of about 134,000 miles of lines and almost 3.5 million advanced meters. San Diego-based Sempra Energy noted that it is a Fortune 500 energy services holding company with 2017 revenues of more than $11bn.