M&As this week: NextEra Energy, State Grid International Development, and 3i Infrastructure
NextEra Energy has announced its intention to enter two separate merger agreements to gain full ownership of Oncor Electric Delivery Company.
Under the first agreement, NextEra Energy plans to acquire 20% indirect interest in Oncor currently held by Texas Transmission Holdings Corporation (TTHC) in exchange for $2.4bn.
Under the second agreement, NextEra Energy will acquire 0.22% interest in Oncor currently held by Oncor Management Investment (OMI) for approximately $27m.
State Grid International Development has reached an agreement with Greece-based Public Power Corporation to acquire its 24% stake in Independent Power Transmission Operator (IPTO/ADMIE) for €320m ($351.4m).
The final decision on the transaction is expected to be made on 24 November.
3i Infrastructure has reached an agreement with Infinis Energy (Infinis Group), to fully acquire its stake in Infinis.
This transaction will provide 3i Infrastructure the ownership rights to Infinis' landfill gas assets, which have a combined installed capacity of more than 300MW across 121 sites.
However, Infinis will continue to own and operate more than 400MW of its operational and under-development onshore wind assets.
The transaction is expected to be completed in the last week of November.