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NextEra, Berkshire and Fidelity reportedly among Oncor bidders

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NextEra, Berkshire and Fidelity reportedly among Oncor bidders

, BerkshireHathaway Inc. and Fidelity Investments are among the bidders competing toacquire Oncor Electric DeliveryCo. LLC.

BerkshireHathaway submitted a bid for Oncor, joining NextEra as a leading contender forthe transmission and distribution utility, Bloomberg reported July 14 citing "peoplefamiliar with the talks." Other interested parties include and theinvestment group that alreadyowns a minority stake in Oncor, which includes ,the investment arm of Canadian pension plan OMERS, and GICSpecial Investments Pte Ltd. GIC, a Singapore sovereign wealthfund, is also purchasing a minoritystake in ITC HoldingsCorp. as part of a transaction where the transmission company isbeing acquiredby Fortis Inc.

owns about 80% of Oncor through subsidiary Energy Future Intermediate Holding Co. LLC. The sale ofOncor, a regulated utility ring-fenced from the bankruptcy proceedings of itscorporate family, has long been a key part of EFH's plans to exit Chapter 11bankruptcy. Creditors have estimated Oncor's value at about $19 billion. EFHsaid in a July 8 filing that it is "in discussions with multipleinterested parties regarding a potential transaction involving EFH Corp.'sindirect economic interest in Oncor," and asked for more time to continuenegotiations.

EFH'scurrent restructuring planalso includes an option to provide creditors on the regulated side of thebusiness cash or common stock proportional to their claim. EFH's unregulatedbusinesses, under subsidiary TexasCompetitive Electric Holdings Co. LLC, are reorganization plan, separate from the regulated side, to spin off tofirst-lien creditors as a stand-alone entity.

Fidelityis also preparing an Oncor bid, Reuters reported July 14, citing "peoplefamiliar with the matter."