Sempra Energy Completes Acquisition of Majority Stake in Oncor
Transaction Creates Utility Holding Company with Largest U.S. Customer Base
Sempra Energy has completed its $9.45 billion acquisition of Energy Future Holdings Corp. (EFH), including EFH’s approximate 80-percent indirect ownership interest in Oncor Electric Delivery Company LLC (Oncor). The close of the transaction creates a utility holding company with the largest U.S. customer base.
“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. 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.”
Debra L. Reed, chairman, president and CEO of Sempra Energy
Oncor will remain headquartered in Dallas. 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.
“We are thrilled to have a financially strong and dynamic majority owner in Sempra Energy,” said Nye. “Sempra Energy will be a great partner in our mission to provide the safest, most reliable and affordable electric service to our customers.”
On March 8, 2018, the Public Utility Commission of Texas approved Sempra Energy’s and Oncor’s joint Change-in-Control application. The U.S. Bankruptcy Court for the District of Delaware provided its final approval in February 2018. Sempra Energy entered into the agreement to acquire EFH Aug. 21, 2017.