By October 31, 2016 Read More →

NextEra Energy to buy rest of Oncor for about $2.4 bln

NextEra Energy

NextEra Energy deal expected to close in the first quarter of 2017.

NextEra Energy purchasing Energy Future Holding Corp’s stake in Oncor

Oct 31 (Reuters) – Power producer NextEra Energy Inc said on Monday it would buy the remaining stake in Oncor Electric Delivery Co for about $2.4 billion in cash.

The company said it would buy the about 20 per cent indirect stake owned by Texas Transmission Holdings Corp.

NextEra said in July it would buy bankrupt Texas power company Energy Future Holdings Corp’s 80 per cent indirect stake in Oncor in a deal valued at about $18.4 billion.

That deal, which is expected to close in the first quarter of 2017, provides NextEra access to the largest network of power lines in Texas.

NextEra also said on Monday it would acquire a 0.22 per cent stake from Oncor Management Investment LLC for about $27 million. Oncor is prized for its steady cash flow.

The company said it expected to fund the deal with Texas Transmission through a combination of debt and equity.

NextEra Energy expects the deal to close in the first half of 2017.

Skadden, Arps, Slate, Meagher & Flom LLP is the legal adviser to Texas Transmission.

(Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila)

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Posted in: USA

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