Omers, Singapore's GIC Take $1.25 Billion Oncor Stake (Update1)
By Frederic Tomesco
Aug. 13 (Bloomberg) -- Ontario Municipal Employees Retirement System and the Government of Singapore Investment Corp. agreed to buy 20 percent of Oncor Electric Delivery Co. from Energy Future Holdings Corp. for $1.25 billion.
The investor group will have the right to add two directors to the board of Dallas-based Oncor, Energy Future said today in a statement. The transaction requires the approval of the U.S. Committee on Foreign Investment.
Energy Future, the Dallas-based power producer formerly known as TXU Corp., unveiled plans last year to sell 20 percent of Oncor, its electric distribution and transmission unit. In October, Kohlberg Kravis Roberts & Co. and TPG Inc. completed a $43.2 billion leveraged buyout of TXU.
Toronto-based Omers manages more than C$52 billion ($49 billion) for 380,000 active and retired municipal employees in Canada's most populous province. The fund is making the purchase through its Borealis Infrastructure Management unit, which owns 32 percent of Bruce Power LP, the nuclear-plant operator that produces about 20 percent of Ontario's electricity.
Borealis also owns Express Pipeline System, a $1.2 billion pipeline that links Alberta to the Rocky Mountain and Midwest regions of the U.S., as well as a minority stake in British gas- distribution company Scotia Gas Networks Plc.
GIC is a sovereign wealth fund founded in 1981 to manage Singapore's foreign reserves. The $100 billion fund is making the purchase through its private-equity and infrastructure unit.
To contact the reporter for this story: Frederic Tomesco in Montreal at [email protected].
Last Updated: August 13, 2008 10:34 EDT
By Frederic Tomesco
Aug. 13 (Bloomberg) -- Ontario Municipal Employees Retirement System and the Government of Singapore Investment Corp. agreed to buy 20 percent of Oncor Electric Delivery Co. from Energy Future Holdings Corp. for $1.25 billion.
The investor group will have the right to add two directors to the board of Dallas-based Oncor, Energy Future said today in a statement. The transaction requires the approval of the U.S. Committee on Foreign Investment.
Energy Future, the Dallas-based power producer formerly known as TXU Corp., unveiled plans last year to sell 20 percent of Oncor, its electric distribution and transmission unit. In October, Kohlberg Kravis Roberts & Co. and TPG Inc. completed a $43.2 billion leveraged buyout of TXU.
Toronto-based Omers manages more than C$52 billion ($49 billion) for 380,000 active and retired municipal employees in Canada's most populous province. The fund is making the purchase through its Borealis Infrastructure Management unit, which owns 32 percent of Bruce Power LP, the nuclear-plant operator that produces about 20 percent of Ontario's electricity.
Borealis also owns Express Pipeline System, a $1.2 billion pipeline that links Alberta to the Rocky Mountain and Midwest regions of the U.S., as well as a minority stake in British gas- distribution company Scotia Gas Networks Plc.
GIC is a sovereign wealth fund founded in 1981 to manage Singapore's foreign reserves. The $100 billion fund is making the purchase through its private-equity and infrastructure unit.
To contact the reporter for this story: Frederic Tomesco in Montreal at [email protected].
Last Updated: August 13, 2008 10:34 EDT
