Sempra Announces Agreement to Acquire Stake in Oncor August 25, 2017
Table of Contents Summary Oncor Overview Structure & Governance Strategic Rationale Strong Utility Profiles Key Next Steps Highlights 3
Summary Sempra agrees to acquire stake in Oncor(1) 18.8(2) B implied 100% enterprise value for Oncor 9.45(3) B purchase price for 100% of Energy Future Holdings Corp. (EFH) (80% of Oncor) 9.9x multiple of Oncors 2018 projected…
Oncor Overview Key Business Statistics Service Territory Largest regulated electric transmission and distribution provider in Texas 10 million customers across Texas 3.4 million meters Nearly 4,000 employees 122,000 miles of…
Structure & Governance Expected Financing(1) & Structure Governance Oncor management, employees and 9.45 B Bid (-) 3.0 B NewCo Debt NewCo Dallas headquarters are preserved 6.45 B Equity Bob Shapard, current CEO, becomes Executive…
Strategic Rationale Pure-play transmission and distribution utility Expands Utility Diversification of utility earnings in constructive jurisdiction Footprint Domestic utility earnings meaningfully increased Strong projected…
Strong Utility Profiles Leaders in Owning and Operating Utilities 1 Metric Sempra(1) Oncor(2) Rate Base 12.8 B 11.0 B Utility Meters 8.2 M 3.4 M Consumers 25.3 M 10.0 M Authorized SDG&E(3): 52% / 45.25% Capital Structure 42.5%…
Key Next Steps Bankruptcy hearing scheduled for September 6th to approve the Sempra Merger and Plan Support Agreements 2nd Half of 2017 Other governmental approvals(1), most within 90 days Public Utility Commission (PUC) of…
Highlights Respects needs of regulators and EFHs creditors; approach considers observations from past transactions Ensures continuity of Oncors management team, employees and Dallas-based headquarters Delivers expected…
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