Sempra Energy took a step forward yesterday in its pursuit of Oncor, the electricity transmissions business that has had takeover offers from a series of suitors, including, most recently, Warren Buffett's Berkshire Hathaway Energy, Dow Jones Newswires reported. Bankruptcy Judge Christopher Sontchi signed off on Sempra's proposed acquisition, which still needs approval from the Public Utility Commission of Texas. State regulators have squashed two earlier attempted buyouts of Oncor, one of the largest electricity transmissions businesses in the country. Oncor is owned largely by Energy Future Holdings Corp., a Dallas power company that has been operating under bankruptcy protection since 2014. Judge Sontchi yesterday authorized Energy Future to agree to sell its 80 percent stake in Oncor to Sempra. Sempra's paying $9.45 billion for the Oncor stake, compared with the $9 billion offered by Berkshire Hathaway. Additionally, Sempra is in line for a $190 million breakup fee if the deal sours, compared with the $270 million breakup fee Berkshire was asking.
