The United States Bankruptcy Court for the District of Delaware has approved Energy Future Holdings (EFH) entering into definitive agreements with NextEra Energy pursuant to which NextEra Energy will acquire 80% of the equity of EFH's subsidiary Oncor Electric Delivery Company.
NextEra Energy will pay US$18.4bn to acquire Texas largest power transmission and distribution operator. The company Oncor delivers power to more than 3 million customers and operates around 119,000 miles (190,000 km) of transmission and distribution lines in Texas.
With proposed transaction, all debt that resides above Oncor will be extinguished. The definitive agreements are part of EFH’s overall plan of reorganization that is designed to allow the company to emerge from Chapter 11 bankruptcy. NextEra Energy and Oncor expect to file joint application soon with the Public Utility Commission of Texas
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