Elliott Management has hired the investment banking firm Moelis to raise capital for a $9.3 billion bid for Oncor, sources told CNBC.
A bid would set Elliott's billionaire founder, Paul Singer, in competition with fellow billionaire Warren Buffett, whose Berkshire Hathaway last week made a $9 billion offer for Oncor's parent, Energy Future Holdings.
Elliott is Energy Future's biggest creditor. It has been mulling a bid since Berkshire's offer last week. In a July 5 letter to Energy Future's board, the hedge fund said it was negotiating a $9.3 billion deal and "has been in contact with other parties that are interested in participating in the exit financing."