TXU
Snapshots from The Catbird Seat
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February 26, 2007
TXU announces $32B sale
to private firms
By David Koenig, AP
DALLAS - TXU Corp., Texas' largest electricity producer, said Monday it has agreed to be sold to a group of private-equity firms for about $32 billion in what would be the largest private buyout in U.S. corporate history if shareholders go along.
Kohlberg Kravis Roberts & Co. and Texas Pacific Group led a group that included Goldman Sachs & Co. and three other Wall Street firms that will pay $69.25 per share for TXU. They will also assume about $13 billion in debt.
The firms won support for the buyout from some environmentalists who have criticized TXU by agreeing to sharply scale back TXU's controversial $10 billion plan to build 11 new coal-fired power plants that would produce tons of new greenhouse gas emissions.
They also agreed to cut electricity prices 10 percent, which they said would save TXU residential customers more than $300 million per year, and limit prices until September 2008.
TXU directors voted Sunday night to recommend that shareholders approve the sale. The price represents a 25 percent premium to TXU's recent average closing stock price before Friday.
The deal tops the previous biggest buyout ever of $25.1 billion set in 1988 when RJR Nabisco was acquired by Kohlberg Kravis.
Goldman Sachs, Lehman Brothers, Citigroup and Morgan Stanley also intend to be part of the purchasing group at closing, the company said.
TXU also said former Secretary of State James A. Baker III will serve as advisory chairman to the new owners, former EPA Administrator William Reilly and former Commerce Secretary Donald L. Evans will join the TXU board.
http://news.yahoo.com/s/ap/20070226/ap_on_bi_ge/txu_sale_21
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Last Update February 28, 2007, by The Catbird