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BRIEF-Sempra Energy announces agreement to acquire ownership interest in Oncor
August 21, 2017 / 6:35 AM / 4 months ago

BRIEF-Sempra Energy announces agreement to acquire ownership interest in Oncor

Aug 21 (Reuters) - Sempra Energy :

* SEMPRA ENERGY ANNOUNCES AGREEMENT TO ACQUIRE OWNERSHIP INTEREST IN ONCOR

* DEAL FOR $9.45 BILLION

* THE ENTERPRISE VALUE OF THE TRANSACTION IS APPROXIMATELY $18.8 BILLION, INCLUDING THE ASSUMPTION OF ONCOR‘S DEBT

* TRANSACTION IS EXPECTED TO BE ACCRETIVE TO SEMPRA ENERGY‘S EARNINGS BEGINNING IN 2018

* SEMPRA ENERGY - EXPECTS TO FUND $9.45 BILLION TRANSACTION USING A COMBINATION OF ITS OWN DEBT AND EQUITY, THIRD-PARTY EQUITY

* EXPECTS ITS EQUITY OWNERSHIP AFTER THE TRANSACTION TO BE APPROXIMATELY 60 PERCENT OF THE REORGANIZED HOLDING COMPANY

* AT COMPLETION OF TRANSACTION, BOB SHAPARD, ONCOR‘S CEO, WILL BECOME EXECUTIVE CHAIRMAN OF ONCOR BOARD OF DIRECTORS

* SEMPRA ENERGY -HAS COMMITTED TO SUPPORT ONCOR‘S PLAN TO INVEST $7.5 BILLION OF CAPITAL OVER FIVE-YEAR PERIOD TO EXPAND, REINFORCE TRANSMISSION AND DISTRIBUTION NETWORK

* ALLEN NYE, CURRENTLY ONCOR‘S GENERAL COUNSEL, WILL SUCCEED SHAPARD AS ONCOR‘S CEO

* SEMPRA ENERGY -TO BUY ENERGY FUTURE AND ITS OWNERSHIP IN ONCOR,WHILE TAKING MAJOR STEP FORWARD IN RESOLVING ENERGY FUTURE‘S LONG-RUNNING BANKRUPTCY CASE

* LAZARD AND MORGAN STANLEY ARE ACTING AS FINANCIAL ADVISORS TO SEMPRA ENERGY Source text for Eikon: Further company coverage:

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