CANDADA/US - The Ontario Municipal Employees Retirement System (OMERS) and GIC Special Investments (GIC SI) have bought a minority stake in the largest electricity distribution and transmission system in Texas.
Under the agreement, the group will pay around US$1.25bn for an approximate 19.75% minority interest in the company 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 SI see Oncor as a solid, long term investment."
The transaction is to be reviewed by the Committee on Foreign Investment in the US before closing. Credit Suisse acted as financial adviser to EFH and Lehman Brothers acted as financial adviser to the investor group.
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