Buffett's Berkshire Nears a Deal to Buy Oncor--Update
Berkshire Hathaway Inc.'s energy business is nearing a deal to buy Oncor, one of the country's largest electricity transmissions businesses, according to people familiar with the matter.
A deal by Warren Buffett's Berkshire Hathaway Energy Co. to take over Oncor could be announced as soon as Thursday, the people said.
The deal's financial terms couldn't be learned, but the total value is less than the $18.4 billion that NextEra Energy Inc. agreed to pay for Oncor in a deal with Energy Future Holdings Corp. in July 2016.
NextEra's deal for Oncor stalled as regulators in Texas rejected the deal, saying it wasn't in the public interest. Oncor is majority owned by Energy Future and is widely regarded as its crown jewel. Energy Future was formerly TXU Corp., which filed for bankruptcy in 2014.
Berkshire Hathaway Energy owns utilities across the Midwest and Western states as well as in Canada and the U.K. It is also a major investor in renewable power, especially wind.
Berkshire Hathaway Energy's chief executive, Greg Abel, is widely seen as a front-runner to succeed Mr. Buffett as chief executive of the parent company.
Write to Dana Mattioli at dana.mattioli@wsj.com and Nicole Friedman at nicole.friedman@wsj.com
(END) Dow Jones Newswires
July 06, 2017 14:10 ET (18:10 GMT)