TXU targets October 10th for closing of merger

by PegNews wire

Finally, there is power in the light at the end of the tunnel.

Photo not provided by TXU, KKR, TPG

Finally, TXU's new bosses can put these million-dollar bills to good use

DALLAS — TXU Corp. announced today that, subject to the satisfaction of the applicable closing conditions, it expects closing of its merger with a subsidiary of Texas Energy Future Holdings Limited Partnership (TEF) on October 10, 2007. TEF was formed by a group of investors led by Kohlberg Kravis Roberts & Co. L.P. (KKR) and Texas Pacific Group (TPG) to facilitate the merger. Holders of record of TXU Corp. common stock upon close of the merger will be entitled to $69.25 per share.

"The closing of the merger will represent the culmination of many months of hard work by TXU's employees and board of directors and the representatives of KKR, TPG and other members of the investor group," said TXU Corp. chairman and CEO C. John Wilder. "We are very pleased to be able to announce an expected closing date for a transaction that was overwhelmingly approved by TXU's shareholders."

Source: TXU