The real estate trust that owns the power assets of the family of Dallas billionaire Ray L. Hunt on Monday announced plans to hold an initial public offering.
The move by InfraREIT Inc. comes as the Hunts position themselves to bid on Texas’ largest power line company, Oncor. Oncor is expected to go up for auction next year after the bankruptcy filing last April of current owner Energy Future Holdings.
Ahead of that filing Hunt had partnered with a key group of EFH creditors to take control of Oncor once bankruptcy was completed. But that restructuring plan was scuttled when Florida-based NextEra Energy stepped in with an offer that has been valued at $18 billion. The Hunts’ offer has not been made public.
Last week U.S. Bankruptcy Judge Christopher Sontchi delayed the Oncor sale when he ordered EFH to work with creditors on establishing an auction process not likely to start before the beginning of 2015.
InfraREIT is run by CEO David Campbell, the former EFH executive who was hired by Hunt in July. The company said it had yet to determine the number and price of shares or the timing of the stock offering.
Follow James Osborne on Twitter at @osborneja.
To post a comment, log into your chosen social network and then add your comment below. Your comments are subject to our Terms of Service and the privacy policy and terms of service of your social network. If you do not want to comment with a social network, please consider writing a letter to the editor.