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InfraREIT's acquisition by Oncor for USD1.28bn initial receives approval from PUCT.

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Global Banking News-May 10, 2019-InfraREIT's acquisition by Oncor for USD1.28bn initial receives approval from PUCT

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InfraREIT Inc (NYSE:HIFR) on Thursday declared that the Public Utility Commission of Texas (PUCT) has approved the company's acquisition by Oncor Electric Delivery Company LLC. The company expects the transaction to close by the end of the month.

This marks the final necessary regulatory approval to close the pending transaction, under which InfraREIT will be acquired for USD21.00 per share in cash for a value of about USD1.28bn, plus the assumption of an estimated USD940m of its net debt, as of 31 March 2019. PUCT authorised the asset exchange between InfraREIT's regulated subsidiary, Sharyland Distribution & Transmission Services LLC, and its tenant, Sharyland Utilities LP, and the other related transactions that are conditional to the closing of the sale of InfraREIT to Oncor.

Following PUCT's approval, the company's board of directors approved a common stock cash dividend of USD0.002747 per share per day, which represents a pro-rated quarterly dividend of USD0.25 per share. This pro-rated dividend will cover the period from 29 March 2019, the record date for its first quarter dividend, and the closing of the...

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