Pursuant to the agreement, the investor group will pay approximately $1.25 billion to Energy Future Holdings (EFH) for a 19.75% minority interest in Oncor and will have the right to add two directors to Oncor’s board of directors. A majority of Oncor’s directors will remain independent.
Bob Shapard, chairman and CEO of Oncor, said: We are pleased that Borealis and GIC Special Investments see Oncor as a solid, long-term investment. This transaction will not affect our employees or the service we provide to more than seven million Texas consumers. Our dedicated employees will continue to provide superior reliability while deploying one of the most advanced utility technology platforms in the country.
