Berkshire Hathaway Energy said Friday that it agreed to acquire Energy Future Holdings for $9 billion in cash, a purchase that would eventually hand it the electric-utility giant Oncor.
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Warren Buffett's Berkshire Hathaway is buying an electric-utility giant for $9 billion
The deal comes after Energy Future, Oncor's parent company, filed for bankruptcy protection.
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The deal comes after Energy Future, Oncor's parent company, filed for bankruptcy protection in 2014 amid the sector's downturn. Oncor serves electricity to 10 million customers across Texas.
Berkshire Hathaway Energy owns electricity and natural-gas utilities across the US, and this deal would beef up its portfolio.
Berkshire's purchase values Oncor at $11.25 billion, less than the $18.4 billion that NextEra Energy Resources had agreed to pay before that deal was halted by regulators.
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The companies expect that the deal to close in the fourth quarter of 2017.
Oncor earned $935 million in operating revenues and $73 million in net income in the quarter ended March 31.
In late June, Berkshire invested $377 million in Store Capital, a real-estate investment trust.
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