Parent Of Texas Retail Provider Enters New Agreement To Acquire Oncor

Berkshire Hathaway Energy, a subsidiary of Warren Buffett’s Berkshire Hathaway Inc., announced that it has executed a definitive merger agreement with Energy Future Holdings Corp. (EFH) under which Berkshire Hathaway Energy will acquire reorganized EFH and which will ultimately result in the acquisition of Oncor

MidAmerican Energy Services, LLC, an active Option 1 retail electric provider in Texas, is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company. In Texas, MidAmerican Energy Services offers retail electric supply to residential and non-residential customers

The all-cash consideration for reorganized EFH is $9 billion implying an equity value of approximately $11.25 billion for 100% of Oncor and is subject to closing conditions, including the receipt of required state, federal and bankruptcy court approvals. The transaction is currently expected to be completed in the fourth quarter of 2017, Berkshire Hathaway Energy said

Under the transaction, Oncor will remain a locally managed Texas company headquartered in Dallas, Bob Shapard, CEO of Oncor said

Effective upon closing of the transaction, Bob Shapard will assume the role of executive chairman of the Oncor Board, and Allen Nye will assume the role of CEO of Oncor.