Utility nabbed from under Warren Buffett's nose

In the final hour, natural gas company outbid Berkshire Hathaway's offer on Oncor by USD 450 million.

Photo: Ellevio

The sale of Texan energy company Oncor ended with a surprise twist.

Californian utility Sempra Energy, which mainly works in natural gas, has landed a deal with Oncor's de-facto owner Energy Future shortly before the bidding deadline, reports Sempra Energy, writing that transaction concerns a cash purchase of USD 9.45 billion, valuing Oncor at USD 18.8 billion including debt.

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