Buffett’s Berkshire Hathaway Nears $18B Deal for Oncor

7/9/17

The energy unit of Warren Buffett’s Berkshire Hathaway Inc is nearing a roughly $18 billion deal to acquire Oncor Electric Delivery Company LLC, people familiar with the matter said, three years after the utility’s parent entered bankruptcy.

The deal is a bold bet by Buffett that he can win approval for the acquisition from Texas regulators, after they blocked two earlier attempts to sell Oncor, one of the largest U.S. power-transmission networks, to other companies.

It also represents a return to a previously soured investment for Buffett, who in 2013 lost $873 million on a $2 billion bond investment in Oncor’s bankrupt parent, Energy Future Holdings Corp.

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