Public Utility Commission of Texas approves acquisition agreement involving Oncor, Sempra, InfraREIT, Sharyland Utilities
The Public Utility Commission of Texas (PUCT) recently approved the acquisition of InfraREIT, Inc. by Oncor Electric Delivery Company LLC (Oncor) and Sempra Energy’s acquisition of a 50 percent limited-partnership interest in a holding company that will own Sharyland Utilities, LP (Sharyland).
The PUCT approval was the final regulatory approval required to complete the transactions.
“Texas is a great place to do business, and we are pleased that the Public Utility Commission approved another opportunity for Sempra Energy to invest in Oncor, and the state,” Jeffrey W. Martin, chairman and CEO of Sempra Energy, said. “We look forward to continuing to advance our growth strategy in Texas and the U.S. Gulf Coast region.”
As part of the transaction, a subsidiary of InfraREIT will exchange certain assets with Sharyland. After Oncor’s acquisition of InfraREIT, Oncor will own all of InfraREIT’s and Sharyland’s electric transmission and distribution business in Central, North and West Texas, and Sharyland will own Sharyland and InfraREIT assets in South Texas.
“Today is an exciting day for Oncor,” Oncor CEO Allen Nye said. “When our acquisition of InfraREIT is complete, we will expand our transmission footprint and be better positioned to support the long-term needs of the ERCOT market. We want to thank the Commissioners, Commission staff, and all the stakeholders involved in this process for their hard work. We look forward to closing this transaction.”
If all remaining closing conditions are satisfied, the transaction is expected to close by the end of the month.
