Texas Utilities Co., owner of two of...

Texas Utilities Co., owner of two of Texas’ largest utilities, agreed to buy Australian gas company Westar & Kinetik Energy for $1 billion, widening its reach in that nation. The cash acquisition will add 400,000 customers to Texas Utilities Australian operation, giving it access to almost all energy customers in Victoria, Australia’s second-most populous state. Dallas-based Texas Utilities already owns Eastern Energy, a Victoria electric company with about 500,000 customers. Texas Utilities, which outbid rivals including Kansas City-based Utilicorp United Inc., wants to expand in Australia as electricity and natural gas markets are opened to competition. Texas Utilities shares fell $1 to close at $43.94 on Friday on the New York Stock Exchange.