TXU has agreed to be taken private by a group of investors led by Kohlberg Kravis Roberts and Texas Pacific Group for $45 billion in what would be the largest leveraged buyout in history, The New York Times reports.
Bowing to environmentalists’ demands (Environmental Defense and The Natural Resources Defense Council participated in the TXU negotiations and support the transaction), the bidding consortium has agreed to scale back TXU’s controversial plan to build 11 new coal plants and will instead build three.
Other environmental initiatives include:
TXU plans to reorganize into three independently managed businesses. TXU’s power-generation business will be renamed Luminant Energy; its energy transmission and distribution business will become Oncor Electric Delivery; and TXU Energy, its retail arm, will keep its current name, the company said.
TXU is allowed, and plans, to solicit bids from other potential buyers through April 16.
View a Webcast of the anouncement here.
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