Summary
Sempra Energy (SRE) announced a significant regulatory milestone on March 8, 2018, with the Public Utility Commission of Texas (PUCT) approving and executing a Final Order. This Order greenlights the previously filed Joint Report and Application concerning the acquisition of an indirect 80.03% interest in Oncor Electric Delivery Company LLC. This approval from the PUCT is the final regulatory hurdle required for Sempra Energy to close the merger transaction with Energy Future Holdings Corp. The transaction, detailed in a prior 8-K filing on December 15, 2017, involves Sempra Energy acquiring this substantial stake in Oncor. The PUCT's approval aligns with the terms of a stipulation agreed upon by all key stakeholders, indicating a broadly supported path forward for the acquisition. This development is crucial for Sempra Energy's strategic expansion and integration of Oncor's operations.
Key Highlights
- 1PUCT has issued a Final Order approving Sempra Energy's acquisition of an indirect 80.03% interest in Oncor Electric Delivery Company LLC.
- 2This approval marks the last necessary regulatory clearance for the transaction.
- 3The approved order is consistent with the terms of a stipulation agreed to by all key stakeholders.
- 4The transaction involves the merger of Energy Future Holdings Corp. with a Sempra Energy subsidiary.
- 5Sempra Energy will gain a significant ownership stake in Oncor, a major Texas utility.