Warren Buffett to buy big Texas utility Oncor

Berkshire Hathaway has agreed to buy Oncor, Texas’ largest regulated utility, and the famed Omaha company has the support of most parties that could block the deal, according to documents from the two companies.

The offer must still be approved by a bankruptcy judge and go through a months-long process to get Texas Public Utility Commission approval. But the offer already has the support of PUC staff, the Texas Public Utility Counsel, the Texas Industrial Energy Consumers group and a coalition of 150 cites served by Oncor, according to company documents.

Brian Lloyd, the PUC’s executive director, praised the proposal and said in a written statement he looks “forward to an expeditious filing of this agreement for the Commissioners to consider.”

Oncor has been in an ownership limbo since its parent company, Energy Future Holdings, filed for bankruptcy in 2014. Despite the long-term financial troubles of Energy Future, Oncor has been financially stable and has been called the crown jewel of Texas utilities.

“Oncor is an excellent fit for Berkshire Hathaway, and we are pleased to make another long-term investment in Texas — when we invest in Texas, we invest big!” Warren Buffett, chairman of Berkshire Hathaway, said in a written statement. “Oncor is a great company with similar values and outstanding assets.”

Oncor owns and operates the electric grid for most of North Texas, which serves more than 3 million homes and businesses.

Berkshire Hathaway Energy has a large portfolio that includes electrical grids, natural gas pipelines and power producers, mostly in the West and Midwest. The company has 8.5 million customers in the U.S., U.K. and Canada and had revenue of $17.4 billion last year.