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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Infrareit, Inc. | NYSE:HIFR | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 21.11 | 0 | 01:00:00 |
From May 2019 to May 2024
By Kimberly Chin
Oncor Electric Delivery Co. has reached a deal to buy InfraREIT Inc. (HIFR) in a transaction valued at about $1.28 billion including debt.
InfraREIT said Oncor is buying it for $21 a share in cash, a 1.8% premium to InfraREIT's Wednesday closing price. Oncor is assuming about $940 million in debt in the transaction.
Prior to Oncor's purchase, InfraREIT subsidiary Sharyland Distribution & Transmission Services LLC plans to swap its South Texas assets for Sharyland Utilities LP's Golden Spread Project located in the Texas Panhandle along with development projects including the Lubbock Power & Light interconnection. Sharyland Utilities is a tenant of Sharyland Distribution & Transmission Services.
The agreement with Oncor includes a go-shop provision allowing InfraREIT to solicit bids from other parties through Nov. 17.
Sempra Energy (SRE), which owns a majority stake in Oncor, will also acquire a 50% interest in Sharyland Holdings LP.
The transaction is expected to close in mid-2019.
InfraREIT's shares rose 2.8% in premarket trading. Shares in Sempra Energy were unchanged premarket.
Write to Kimberly Chin at Kimberly.Chin@wsj.com
(END) Dow Jones Newswires
October 18, 2018 08:55 ET (12:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
1 Year INFRAREIT, INC. Chart |
1 Month INFRAREIT, INC. Chart |
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