Sempra completes $9.45 billion Energy Future, Oncor stake acquisition

By Caroline Salls

Pittsburgh, March 9 – Sempra Energy on Friday completed its $9.45 billion acquisition of Energy Future Holdings Corp., including Energy Future’s 80% indirect ownership interest in Oncor Electric Delivery Co. LLC, according to a news release.

In addition, Energy Future announced in a notice filed on Friday with the U.S. Bankruptcy Court for the District of Delaware that its plan of reorganization had taken effect as of March 9.

The plan was confirmed on Feb. 27.

Sempra said 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,” Sempra chairman, president and chief executive officer Debra L. Reed said in the release.

“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’s headquarters will remain in Dallas, the release said. 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 its chairman.

“We are thrilled to have a financially strong and dynamic majority owner in Sempra Energy,” Nye said in the release.

As previously reported, the Public Utility Commission of Texas approved Sempra and Oncor’s joint change-in-control application on Thursday. The U.S. Bankruptcy Court for the District of Delaware provided its final approval last month.

Energy Future is a Dallas-based power generation company and utility operator. The company filed for bankruptcy on April 29, 2014. The Chapter 11 case number is 14-10979.

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