Warren Buffett outbid in race to buy big piece of Texas electric gridBillionaire Warren Buffet has been outbid in his effort to buy Texas’ largest transmission utility. A California-based energy conglomerate has swooped in with an $18.8 billion proposal to buy coveted Oncor. by Jim Malewitz Aug. 21, 2017 13 hours ago Editor's Note: This story has been updated throughout. Billionaire Warren Buffett has been outbid in his effort to buy Texas’ largest transmission utility.
San Diego-based Sempra Energy announced early Monday that it had swooped in with a roughly $18.8 billion deal to purchase Oncor, whose roughly 120,000 miles of transmission and distribution lines deliver power to more than 3 million homes and businesses in North and West Texas.
The announcement signaled that Oncor’s parent company had abandoned the $18 billion deal that Berkshire Hathaway, Buffett’s multinational conglomerate, unveiled six weeks ago to much fanfare.
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https://www.texastribune.org/2017/08/21/warren-buffett-outbid-effort-buy-big-piece-texas-electric-grid/
