Private equity consortium completes US$1.254 billion purchase of stake in Oncor Electric Delivery

Torys acted as counsel to the private equity consortium with a team that included Krista Hill, Paul Manias, Andrew Prodanyk, Peter Keenan, Andy Beck, Carol Inwood, Julie Angell, David Mattingly and Craig Pell.

On November 6, 2008, OMERS Worldwide announced that OMERS investment entity Borealis Infrastructure Management Inc. completed its US$1.254 billion purchase of a 19.75% equity interest in Oncor Electric Delivery Company LLC, a leading supplier of electricity in the state of Texas. The purchase was made by Texas Transmission Investment LLC, an entity indirectly owned by an OMERS-led private investment group, acting through Borealis Infrastructure, and the Government of Singapore Investment Corporation, acting through its private equity and infrastructure arm GIC Special Investments Pte Ltd. Hunt Strategic Utility Investment, LLC, a subsidiary of Hunt Consolidated, Inc. of Dallas, has an 0.1975% indirect investment in Oncor through the private investment group. The transaction follows the August 13 announcement by Energy Future Holdings Corp. that it would sell the 19.75% stake.

Credit Suisse was the financial adviser to Energy Future Holdings and Lehman Brothers was the financial adviser to the investor consortium.

Borealis Infrastructure Management, based in Toronto, is the investment arm of OMERS responsible for its infrastructure investments.

Energy Future Holdings Co. (formerly the publicly listed TXU Corp.) is a Dallas-based private holding company with a portfolio of energy subsidiaries, primarily in Texas, including TXU Energy, Luminant and Oncor. The company was acquired for US$32 billion in October 2007 by Texas Energy Future Holdings Limited Partnership (TEF), an investor group led by Kohlberg Kravis Roberts & Co., Texas Pacific Group and Goldman Sachs Capital Partners.

Oncor Electric Delivery, based in Dallas, operates the largest electricity distribution and transmission system in Texas.

Further information is found on the Wall Street Journal's MarketWatch.