Sempra Energy has completed its $9.45 billion acquisition of Energy Future Holdings Corp. (EFH), including EFH's approximate 80% indirect ownership interest in Oncor Electric Delivery Co. The close of the transaction creates a utility holding company with the largest U.S. customer base.
"The completion of this acquisition – the biggest in our 20-year history – represents an important milestone in the execution of our growth strategy moving forward," said Debra L. Reed, chairman, president and CEO of Sempra Energy. "We expect the addition of Oncor to diversify our base of U.S. utility earnings and create a broader platform for our expansion in the future. Oncor is an exceptional utility and we plan to provide the support it needs to continue to safely and reliably meet the needs of its millions of customers and the expanding economy in Texas."
Oncor will remain headquartered in Dallas. Allen Nye, who has been serving as Oncor's senior vice president and general counsel, now becomes Oncor's CEO, succeeding Bob Shapard, who becomes Oncor's chairman.
The Public Utility Commission of Texas approved Sempra Energy's and Oncor's joint Change-in-Control application yesterday. The U.S. Bankruptcy Court for the District of Delaware provided its final approval last month. Sempra Energy entered into the agreement to acquire EFH Aug. 21, 2017.
Headquartered in Dallas, Oncor is a regulated electric transmission and distribution service provider, made up of approximately 134,000 miles of lines and nearly 3.5 million advanced meters, making it the largest utility in Texas. Using cutting-edge technology, more than 3,900 employees work to safely maintain reliable electric delivery service to over 11 million Texans.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2017 revenues of more than $11 billion. Including Oncor, the Sempra Energy companies' approximately 20,000 employees serve 43 million consumers worldwide.
