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Oncor-Sempra deal secures unanimous support from Texas stakeholders

Sempra Energy's proposed acquisition of Energy Future Holdings Corp. and its 80% ownership interest in Oncor Electric Delivery Co. LLC received unanimous support from all the intervenors in the Public Utility Commission of Texas' regulatory proceeding.

Under the deal, Sempra would acquire the 80% stake for $9.45 billion in cash plus the assumption of about $7 billion in net debt.

Texas Legal Services Center signed a settlement agreement to support the transaction, according to a Feb. 1 news release, joining the regulatory staff of the PUCT, the Office of the Public Utility Counsel, the Steering Committee of Cities Served by Oncor, the Texas Industrial Energy Consumers, the Energy Freedom Coalition of America, Golden Spread Electric Cooperative Inc., Nucor Steel, The Alliance for Retail Markets and the Texas Energy Association for Marketers.

The parties have agreed that the acquisition is in the public interest, meets Texas statutory standards and provides tangible and quantifiable benefits, according to the news release.

Expected to close in the first half of 2018, the deal is subject to the approval of the U.S. Bankruptcy Court and the PUCT, among other approvals and closing conditions.