DALLAS, Aug. 21, 2017 /PRNewswire/ -- Today, Sempra Energy announced a plan to acquire Energy Future Holdings' (EFH) indirect 80 percent majority ownership in Oncor Electric Delivery Company, LLC. The proposed acquisition totals approximately $9.45 billion for EFH's equity ownership interest in Oncor.
"Sempra is a well-respected and experienced utility operator with a quality workforce and management team. We look forward to working with Sempra and stakeholders as the process unfolds," said Oncor CEO Bob Shapard. "The announcement today is just another example of how our 3,900 employees have made Oncor one of the most sought after companies in the energy sector today. We take pride in powering the Texas economy, and wake up every single day finding new and innovative ways to keep the lights on for more than 10 million Texans."
If approved by the U.S. Bankruptcy Court and state and federal regulators, Sempra has announced that it expects the transaction to close in the first half of 2018.
Sempra Energy includes San Diego Gas & Electric, Southern California Gas Co., Sempra South American Utilities, Sempra Mexico, Sempra Renewables and Sempra LNG & Midstream. Sempra LNG & Midstream currently is developing the Port Arthur LNG liquefaction-export project on the Gulf Coast of Texas. Sempra Energy formerly owned and operated 10 power plants in the Texas electric market and currently maintains a 200-person office in Houston to support marketing and development activities.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2016 revenues of more than $10 billion. The Sempra Energy companies' more than 16,000 employees serve approximately 32 million consumers worldwide.
Oncor Electric Delivery Company LLC ("Oncor") is a regulated electricity distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, delivering power to more than 3.3 million homes and businesses and operating more than 121,000 miles of transmission and distribution lines in Texas. While Oncor is owned by a limited number of investors (including majority owner, Energy Future Holdings Corp.), Oncor is managed by its Board of Directors, which is comprised of a majority of independent directors.