UPDATE 4-NextEra to buy bankrupt Energy Future Holdings' Oncor stake

Fri Jul 29, 2016 2:27pm EDT
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* Deal valued at about $18.4 bln

* NextEra to fund $9.5 bln mainly to pay down debt

* Deal for 80 pct stake in Oncor

By Amrutha Gayathri

July 29 (Reuters) - Power producer NextEra Energy Inc said it agreed to buy bankrupt Texas power company Energy Future Holdings Corp's stake in Oncor Electric Delivery Co in a deal valued at about $18.4 billion.

The deal will give NextEra access to the largest network of power lines in Texas. The company, whose shares were up 0.5 percent in morning trading, has been trying to buy Oncor for more than a year.

The company said on Friday it would buy Energy Future's 80 percent indirect stake in Oncor through a newly formed subsidiary.

Energy Future would spin off its power plants and retail electricity business under a reorganization plan.   Continued...