DALLAS, Oct. 5 /PRNewswire-FirstCall/ -- 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."
About TXU Corp.
TXU Corp., a Dallas-based energy holding company, has a portfolio of competitive and regulated energy subsidiaries, primarily in Texas, including TXU Energy, Luminant and Oncor. TXU Energy is a competitive retailer that provides electricity and related services to 2.1 million electricity customers in Texas. Luminant is a competitive power generation business, including mining, wholesale marketing and trading, construction and development operations. Luminant has over 18,300 MW of generation capacity in Texas, including 2,300 MW of nuclear and 5,800 MW of coal-fueled generation capacity. Luminant is also the largest purchaser of wind-generated electricity in Texas and fifth largest in the United States. Oncor is a regulated electric distribution and transmission business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor operates the largest distribution and transmission system in Texas, providing power to three million electric delivery points over more than 101,000 miles of distribution and 14,000 miles of transmission lines.
Forward Looking Statements
This release contains forward-looking statements, which are subject to various risks and uncertainties. In particular, the timing of the closing of the merger is subject to satisfaction of the conditions to closing contained in the merger agreement, including, among other things, the performance by TXU and TEF of their obligations under the merger agreement. There can be no assurance when the conditions to closing will be satisfied, if at all, or that the merger will close on the currently expected closing date.
