Dallas-based Energy Future Holdings Corp. (EFH) – parent company of TXU Energy, Luminant and Oncor Electric Delivery Co. LLC – has agreed to sell an approximate 20% minority ownership interest in Oncor to an investor group led by Borealis Infrastructure Management, an investment arm of the OMERS pension plan and GIC Special Investments.
‘The sale of a minority interest to these investors fulfills an important transaction-related commitment and will enhance Oncor's financial separation from other EFH businesses,’ says John Young, CEO of EFH.
Under the agreement, the investor group will pay approximately $1.3 billion for an almost 20% minority interest in Oncor and will have the right to add two directors to Oncor's board of directors. A majority of Oncor's directors will remain independent.
‘This transaction will not affect our employees or the service we provide to more than 7 million Texas consumers,’ says Bob Shapard, chairman and CEO of Oncor. ‘Our dedicated employees will continue to provide superior reliability while deploying one of the most advanced utility technology platforms in the country.’
SOURCE: Energy Future Holdings Corp.