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The utility serves more than 10 million Texas residents in more than 400 cities and 90 counties and manages more than 121,000 miles of power lines.

At the same time, a takeover is the key to ending Energy Future Holdings' bankruptcy.

"Buffett views infrastructure bets as a good long-term investment", said Steven Check, president of Check Capital Management Inc in Costa Mesa, California, which invests $300 million of the $1.4 billion it oversees in Berkshire.

Texas-based Energy Future had turned down offers from NextEra Energy and Hunt Consolidated before agreeing the deal with Berkshire. That price tag included debt, which may also double the enterprise value of the deal that Buffett is attempting to cobble together. EFH just had a deal with NextEra Inc. spiked in April by state regulators. A buyout attempt past year backed by the Ray Hunt family of Dallas also faltered.

The energy business does not pay any dividend to Berkshire which gives it the ability to use profit as a way to upgrade infrastructure and buy more utilities.

Following the completion of the transaction, Shapard will assume the role of executive chairman of the Oncor Board, while Allen Nye will become the CEO of Oncor. "The stakeholders are eager to obtain a great outcome for Texas".

Berkshire Hathaway Energy's chief executive, Greg Abel, is a leading candidate to succeed Mr. Buffett as chief executive of the parent company.

This latest savvy acquisition is the biggest by Berkshire since last year's purchase of Precision Castparts for $32 billion, the company's largest ever.

An institutional investor recently bought a new position in Berkshire Hathaway stock.

This article includes material from The Associated Press and Star-Telegram archives.