A PYMNTS Company

US: NextEra wins Oncor with $18.4bn bid

By  |  July 31, 2016

NextEra Energy Inc. outbid various rivals for Energy Future Holdings Corp.’s controlling stake in the biggest power provider in Texas, in an $18.4 billion deal that will thrust the Florida company into the big leagues of U.S. utilities.

The sale of Dallas-based Oncor is vital to lifting Energy Future out of a bankruptcy that has dragged on since the spring of 2014.

Rivals have worked for years to buy Energy Future’s 80% stake in Oncor, which delivers electricity to 10 million Texas homes. NextEra first bid on the company two years ago when Energy Future became mired in chapter 11 proceedings. After NextEra announced it was interested, Energy Future invited other offers.

Full Content: The Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.