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Berkshire Hathaway Energy, a unit of Warren Buffett's Berkshire Hathaway Inc, said on Friday it would acquire Oncor Electric Delivery Company LLC in a deal that puts Oncor's equity value at about $11.25 billion.
Berkshire Hathaway Energy said it agreed to buy reorganized Energy Future Holdings Corp (EFH), Dallas-based Oncor's bankrupt parent, for $9 billion in cash.
The deal is a bold bet by Buffett that he could win approval for the acquisition from Texas regulators, after they blocked two earlier attempts to sell Oncor, one of the largest U.S. power transmission networks, to other companies.
"By joining forces with Berkshire Hathaway Energy, we will gain access to additional operational and financial resources as we continue to position Oncor to support the evolving energy needs of our state," said Oncor Chief Executive Bob Shapard.
Texas regulators in May said they remained opposed to NextEra Energy Inc's proposed $18 billion acquisition of Oncor, a deal they said was not in the public interest.
The Berkshire Hathaway deal also represents a return to a previously soured investment for Buffett, who in 2013 lost $873 million on a $2 billion bond investment in EFH.
Shapard will assume the role of executive chairman, while Allen Nye will become Oncor's new CEO, the company said in a statement. Nye serves as general counsel for the company and the succession was announced earlier.
The transaction is expected to close in the fourth quarter of 2017.
Reuters reported on Thursday Berkshire Hathaway Energy was nearing a deal to buy Oncor.