Texas Power Giant Plans Sale to Private Groups
STEVE INSKEEP, host:
The business news starts with a high-powered buyout.
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INSKEEP: That's a pun, by the way. The biggest retail electricity provider in one of the biggest states says it will sell itself to a group of private investment firms for $32 billion. Texas Power Company TXU made the announcement this morning. If regulators and shareholders approve this deal, it would be the largest private buyout in U.S. corporate history.
And there's an unusual part of it as well. TXU has been under fire from environmentalists over its plans to build a lot of coal-fired power plants, so part of the agreement, the investment firms have agreed to cancel eight of those 11 plants. So say the move is aimed at boosting regulator's support for the deal. Transcript provided by NPR, Copyright NPR.