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Warren Buffett's Berkshire Hathaway has been outbid for Oncor

The San Diego-based Sempra expects to own about 60% of a reorganized Energy Future after the transaction that is valued at $18.8 billion, including the Dallas-based Oncor's debt, it said late on Sunday.

The development represents a rare blow for Buffett, who avoids bidding wars for companies and had swooped in two months ago to Buy Oncor after two previous attempts by Energy Future to sell it were blocked by Texas regulators.

Berkshire, which made the offer to Oncor to step up its pursuit of steady profits from utilities and infrastructure deals, did not immediately respond to a request for comment.

Sources told Reuters earlier that Sempra had decided to make an offer for Oncor in the past three weeks, after seeing the opposition that Berkshire faced from Elliott.

Energy Future's board favored Sempra's bid after it also offered assurances it could get its acquisition of Oncor approved by Public Utility Commission of Texas, as well as a US bankruptcy judge, the sources said.

READ MORE (Business Insider)

  • Sempra Energy to buy Oncor for $9.45 billion in blow for BerkshireReuters
  • Sempra agrees to buy Texas energy giant Oncor for $9.45 billion, topping ...Dallas News
  • Sempra Energy bids $9.45B for Oncor, topping Buffett offerWTOP
  • Early movers: SRE, ADP, FCAU, TCS, NVS, GS, EA & moreCNBC
  • Sempra Bid Tops Buffett and Singer in Race for Energy FutureNew York Times
  • Sempra Energy To Buy Oncor Electric For About $9.45 Bln In CashNasdaq
  • Sempra Snatches Oncor From Buffett With $9.45 Billion Bid: SourcesU.S. News & World Report
  • Sempra Energy beats out Buffett for Oncor in $9.45 billion dealFox Business
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Warren Buffett's Berkshire Hathaway has been outbid for Oncor


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