Energy Future Holdings Corp., which owns the largest power network in Texas, received court approval on Friday to confirm its plan to exit bankruptcy and be acquired by NextEra Energy Inc. in a deal valued at around $18 billion, Reuters reported on Friday. Approval from the Public Utility Commission of Texas is required for the purchase of Energy Future's power distribution business, known as Oncor. A decision is expected in the coming months. The commission last year scuttled a proposed acquisition of Oncor by Hunt Consolidated Inc. of Texas. Energy Future said on Feb. 14 that it had resolved the last main disputes to its plan of reorganization, when its noteholders reached an agreement to modify what they were owed.
