TXU confirms 45 bln usd buy by KKR and Texas Pacific |
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Published
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Mon, 26 Feb 2007 13:10
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LONDON (AFX) - TXU Corp. the Dallas-based energy company, has confirmed that it has agreed to be bought by a pair of private equity firms, Kohlberg Kravis Roberts & Co. and Texas Pacific Group, for 45 bln usd.GS Capital Partners, Lehman Brothers, Citigroup and Morgan Stanley said they intend to be equity investors at closing.Under the terms of the merger agreement, shareholders will be offered 69.25 usd per share at closing, which represents a 25 pct premium to the average closing share price over the 20 days ending Feb 22, 2007.TXU said that as a result of this transaction, the newly privatised company will deliver price cuts and price protection benefits to electric customers, strengthen environmental policies, make significant investments in alternative energy and institute corporate policies tied to climate stewardship.newsdesk@afxnews.comrwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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