June Beach, Florida based Power producer NextEra Energy Inc said it agreed to acquire bankrupt Energy Future Holdings Corp's stake in Oncor Electric Delivery Co for $18.4 billion.
After the deal, NextEra will get access to the biggest network of power lines in Texas. The company gets success after almost one year's effort to buy Oncor. NextEra's shares moved up 0.5 percent during morning trading hours.
On Friday, the company said it will acquire Energy Future's eighty percent indirect stake in Oncor via a newly formed subsidiary which results from a reorganization plan.
According to the reorganization plan, Dallas, Texas based Energy Future will spin off its power plants and retail electricity business.
According to NextEra, the agreement of acquiring Energy Future will be filed in a Delaware court. The deal and the restructuring plan of the Texas company will permit the company to come out of bankruptcy.
Oncor, was up for auction in May once more when a deal to sell to a consortium failed. The company owns most of the power lines for the Dallas, Fort Worth Metroplex and beyond.
In the earlier bidding process NextEra lost its chance to the consortium which was headed by Dallas billionaire Ray Hunt. The deal did not materialize over certain conditions imposed by regulators.
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