TXU Deal Expected to Close Today

By: Associated Press
By: Associated Press

DALLAS (AP) - More than two million electric customers in Texas will soon pay their monthly bills to a company with new owners, new directors and more debt.

Ownership of TXU Corporation today is scheduled to pass from public stockholders to investors led by Kohlberg Kravis Roberts and TPG, formerly Texas Pacific Group.

Federal regulators weeks ago signed off on the $32 billion deal.

Shareholders of Dallas-based TXU overwhelmingly approved it last month.

The investors plan to borrow $24.5 billion in new debt and refinance old debt to pull off the deal.

Consumer advocates say they know who'll pay the bill -- ratepayers.

A spokesman for the buyers declined comment.

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