Hunts officially file to take over power utility Oncor

By James Osborne 

Published: September 29th, 2015, Dallas Morning News, Biz Beat Blog

A group of investors led by Dallas energy and real estate mogul Ray L. Hunt made official Tuesday its push to take over Texas’ largest power utility Oncor.

In an application filed with the Texas Public Utility Commission, the Hunt group laid out plans to buy the utility from bankrupt parent company Energy Future Holdings in a deal that values Oncor at between $18 and $19 billion.

The filing begins what is expected to be at least a six month review of Oncor’s rates and the group’s financial strategy for managing the utility. If successful, it will mark the end of a near decade pursuit by Hunt, chairman of Hunt Consolidated, and his son Hunter to get control of Oncor, which delivers electricity to more than 3 million customers across North and West Texas. 

The deal comes out of Energy Future’s ongoing fight with creditors in U.S. Bankruptcy Court in Delaware. The former TXU Corp. filed for Chapter 11 last year, seeking protection from $40 billion debt following a leveraged buyout in 2007 by private equity firms KKR & Co. and TPG.

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http://bizbeatblog.dallasnews.com/2015/09/hunts-file-to-take-over-power-utility-oncor.html/