Specifically, NextEra Energy will acquire Energy Future Holdings' 80% stake in Oncor, which owns 119,000 miles of power lines across the Lone Star State. The deal will be funded with a combination of cash and both convertible and common stock, which will be used to extinguish all of Energy Future's debt. Oncor's debt will remain within the separately run subsidiary, which will retain its current management, Dallas headquarters, and name. The acquisition, which management expects to be highly accretive to NextEra's earnings, will close in the first quarter of 2017 pending approval by both the U.S. Bankruptcy Court of Delaware, and Texas