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Sempra wins FERC approval to acquire majority stake in Oncor

Sempra Energy on Dec. 11 secured approval from the Federal Energy Regulatory Commission to acquire a majority ownership stake in Oncor Electric Delivery Co. LLC for $9.45 billion in cash, plus the assumption of about $7 billion net debt of Oncor.

Under the transaction, Sempra Texas Merger Sub Inc. will merge with a reorganized Energy Future Holdings Corp., the bankrupt indirect parent of the Texas transmission and distribution utility. At closing, Sempra Energy will indirectly own 100% ownership interests in EFH and an 80.03% interest in Oncor. (FERC docket EC18-2)

The remaining interests in Oncor will be held by Texas Transmission Investment LLC at 19.75% and Oncor Management Investment LLC at 0.22%.

Sempra filed its plans to acquire Oncor with FERC and the Public Utility Commission of Texas in October.

The U.S. Bankruptcy Court for the District of Delaware in September approved Sempra's agreement to acquire EFH and its equity interest in the prized, ring-fenced electric utility.

The companies expect to close the deal in the first half of 2018, subject to further approvals by by the bankruptcy court and the PUCT.