A California-based energy conglomerate made a surprising dark horse maneuver this week to purchase a major Texas energy company.
As The Texas Tribune reports, billionaire Warren Buffett was outbid at the last-minute in his attempt to purchase Oncor. The energy giant controls a large portion of the Texas grid, with its reach stretching across large swaths of North and West Texas.
Buffet’s attempt was foiled when the San Diego-based Sempra Energy swooped in with a deal worth almost $19 billion. Industry observers had expected Buffet’s $18 billion Berkshire Hathaway bid, made several weeks ago, to be a done deal. If approved, the new Sempra deal will save Oncor from going down as one of the largest corporate bankruptcies in American history.
Sempra, a Fortune 500 conglomerate, is known for making massive investments in energy infrastructure.