Berkshire Hathaway Energy to buy Energy Future

July 7 (UPI) -- Berkshire Hathaway Energy confirmed Friday it will buy debt-ridden Texas power company Energy Future Holdings Corp.

The division of Warren Buffett's Berkshire Hathaway Inc. will pay $9 billion in cash to obtain Energy Future, whose holdings include Oncor Electric Delivery Co. Adding Oncor would reinforce a Berkshire division which Buffett has praised as generating returns with minimal reinvestment, The New York Times said Friday.

Energy Future filed for bankruptcy protection in 2014. As TXU in 2007, it was the center of the largest leveraged buyout at that time, but the deal ended with a credit crisis.

The acquisition will expand the Berkshire Hathaway division led by Gregory Abel, regarded as the top contender to replace Buffett, 86, as Berkshire Hathaway CEO. The sale is dependent on approval of Texas energy regulators, who previously rejected two attempts to sell Oncor.