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KKR, Texas Pacific to bid for Texas utility TXU

Feb 23, 2007 11:59 PM
Michael Erman
Reuters

NEW YORK – Kohlberg Kravis Roberts & Co. and Texas Pacific Group are set to offer about US$32 billion to buy Texas power company TXU Corp., in what would be the largest private equity deal ever, a source familiar with the situation said Friday.

Other sources are saying the bid could be as high as $45 billion.

According to one source, the terms have not been finalized, but the private equity firms could offer about $70 per share for TXU. That would be a nearly 17 percent premium for Texas' biggest power company, whose shares closed at around $60 on Friday.

http://www.thestar.com/Business/article/185361