Sempra Energy today completed its $9.45 billion acquisition of Energy Future Holdings Corp. (EFH), including EFH’s approximate 80-percent indirect ownership interest in Oncor Electric Delivery Company LLC (Oncor). The closing of the transaction creates a utility holding company with the largest customer base in America.
“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, Texas. Allen Nye, who has been serving as Oncor’s senior vice president and general counsel, takes over as CEO, succeeding Bob Shapard, who will now serve as chairman of the company’s board of directors.
“We are thrilled to have a financially strong and dynamic majority owner in Sempra Energy,” said Nye. “Sempra Energy will be a great partner in our mission to provide the safest, most reliable and affordable electric service to our customers.”