InfraREIT is engaged in owning and leasing rate-regulated electric transmission assets. Credit: Matthew Henry on Unsplash.

The Public Utility Commission of Texas (PUCT) has approved Oncor Electric Delivery Company’s (Oncor) proposal to acquire InfraREIT.

InfraREIT is a US-based company engaged in owning and leasing rate-regulated electric transmission assets in the state of Texas. Oncor agreed to acquire InfraREIT for nearly  $1.3bn, plus the assumption of nearly $940m of InfraREIT’s net debt as of 31 March 2019.

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The approval by the PUCT marks the final regulatory approval required to close the transaction. Completion of the deal is expected to take place by the end of the month.

“Oncor agreed to acquire InfraREIT for nearly  $1.3bn, plus the assumption of nearly $940m of InfraREIT’s net debt as of 31 March 2019.”

InfraREIT president and CEO David Campbell said: “We appreciate the time and effort of all of the parties to the PUCT proceeding in jointly working toward the settlement that we presented to the Commission in April, and we thank the Commission for its thoughtful consideration of our transaction.”

Additionally, PUCT has allowed the asset exchange between InfraREIT’s subsidiary, Sharyland Distribution and Transmission Services, and its tenant, Sharyland Utilities, and the other related transactions. These are conditions that are to be fulfilled prior to Oncor’s acquisition of InfraREIT.

Oncor announced agreement to acquire 100% equity interest of InfraREIT in October 2018

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Campbell further added: “It has been an immense honour to lead this organisation, which will be remembered for its innovation and its commitment to serving all its stakeholders. We look forward to a successful closing in the coming weeks.”