NEW YORK (AP) _ Warren Buffett’s Berkshire Hathaway is buying the Texas power transmitter Oncor for $9 billion, one of his biggest acquisitions.
Oncor serves about 10 million people Texans. Oncor’s parent company, Energy Future Holdings Corp. entered bankruptcy in 2014 facing more than $40 billion in debt after energy prices plunged.
Berkshire Hathaway will acquire a reorganized Energy Future, ultimately leading to the buyout of Oncor, based in Dallas.
Berkshire Hathaway already has a significant presence in the state, which includes headquarters for BNSF Railway Co., Acme Brick Co., Justin Brands Inc., McLane Co., Berkshire Hathaway Automotive, Star Furniture Co., TTI Inc., Charter Brokerage, LiquidPower Specialty Products Inc. and Allie Beth Allman & Associates.
The deal, which requires state, federal and bankruptcy court approval, is targeted to close in the fourth quarter.