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  1. Home
  2. / Video

Warren Buffett's Berkshire Hathaway Will Not Buy Bankrupt Oncor

The San Diego energy services group outbids Berkshire Hathaway with $18.8 billion offer for the Texas power network
By EDWARD HARDY Aug 21, 2017 Updated Sep 19, 2017 | 05:08 PM EDT
Stocks quotes in this article: BRK.A, BRK.B, SRE

Sempra Energy (SRE)  agreed to buy Texan power distributor Oncor Electric Delivery and its bankrupt parent Energy Future Holdings for an enterprise value of about $18.8 billion, bursting in on Berkshire Hathaway's (BRK.A)   (BRK.B)  's $18.1 billion offer.

Claiming the deal will strengthen Oncor's underlying financial strength and credit ratings, Sempra said it is committed to supporting Oncor's $7.5 billion, five-year capital investment plan.

Warren Buffett Isn't Your Run-of-the-Mill Mega-Rich Investor

What Can Warren Buffett Buy With His Billions?

San Diego-based energy services holding company said it will pay $9.45 billion in cash for the acquisition - - compared with the $9 billion on offer from Berkshire Hathaway. It said it will fund the deal with a combination of its own debt and equity, what it called third party equity and "3 billion of investment grade debt at the reorganized holding company."

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TAGS: Investing | Video | Stocks | Economy | Energy | Mergers and Acquisitions | Futures | Financial Services |

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