San Diego’s Sempra Energy announced Monday that a federal bankruptcy court has approved its plan for acquiring 80 percent interest in Texas’ largest electric utility.
With the action, Sempra will be able to acquire Energy Future Holdings Corp. and its 80-percent ownership interest in Dallas-based Oncor Electric Delivery Company, which serves 10 million customers..
Approval by the Public Utility Commission of Texas, anticipated next month, is the final major regulatory milestone before the transaction can be completed.
“Today’s action by the bankruptcy court paves the way for EFH to end its long-running bankruptcy case and advances our proposal to acquire a majority stake in Oncor to the final stage,” said Debra L. Reed, chairman, president and CEO of Sempra.
Sempra is a Fortune 500 energy services holding company with revenues of more than $10 billion. The Sempra Energy companies’ more than 16,000 employees serve approximately 32 million consumers worldwide.
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