Finance: Warren Buffett's Berkshire Hathaway is buying an electric-utility giant for $9 billion

Berkshire Hathaway's energy business is close to a deal to acquire Oncor, The Wall Street Journal reported.

Berkshire Hathaway Energy said Friday that it agreed to acquire Energy Future Holdings for $9 billion in cash, and will eventually own the electric-utility giant Oncor

Oncor, one of the largest utility companies in the US, serves 10 million customers across Texas. The deal comes after Energy Future, its parent company, filed for bankruptcy protection in 2014.

“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 statement.

Oncor earned $935 million in operating revenues and $73 million in net income in the quarter ended March 31.

Berkshire Hathaway Energy owns electricity and natural-gas utilities across the US. Berkshire's acquisition would be worth $17.5 billion, below the $18.4 billion that NextEra had agreed to pay before that deal was halted by regulators, The Journal said.

In late June, Berkshire invested $377 million in Store Capital, a real-estate investment trust.

Berkshire Hathaway's energy business is close to a deal to acquire Oncor, The Wall Street Journal reported. Read Full Story