Buffett's Berkshire Near $17.5 Billion Deal to Buy Texas' Oncor: WSJ
Warren Buffett’s Berkshire Hathaway Inc. is nearing a deal to buy one of the country’s biggest power-transmission companies, which would cement electricity as one of the conglomerate’s largest businesses, people familiar with the matter told The Wall St. Journal Thursday.
The deal to buy Texas-based Oncor would be worth more than $17.5 billion, one of the people said, a price that would make it Berkshire’s third-biggest acquisition ever and its biggest since the $32 billion purchase of Precision Castparts Corp. in 2016.
As part of Berkshire, Oncor would expand the portfolio of Greg Abel, the 55-year-old chief executive of Berkshire Hathaway Energy. Mr. Abel is considered a leading candidate to succeed Mr. Buffett as CEO of Berkshire.
By Wall St. Journal
Copyright July 06, 2017, Mike Shiloh, Texas Energy Report LLC, www.texasenergyreport.com, All rights are reserved