DALLAS, December 21, 2001 à‚– TXU announced that the European Commission granted regulatory approval for London Electricity Group to acquire TXU’s United Kingdom distribution business and its 50% stake in the distribution operating company, 24seven for a total value GBP 1.450 billion (US$2.073 billion) (including the assumption of debt) and West Burton power station for GBP 366 million (US$523 million).
Both transactions were previously announced on November 19, 2001. The sale of the distribution business is still subject to agreement from certain bond holders. Both transactions are expected to close early next year.
TXU is a global provider of electric and natural gas services, merchant trading, energy marketing, telecommunications, energy delivery and other energy-related services. TXU is one of the largest energy companies in the world with $28 billion of annual revenue and $43 billion of assets.
TXU is one of the largest generators of electricity in the world and sells over 330 million megawatt hours of electricity and 2.8 trillion cubic feet of natural gas annually. TXU delivers or sells energy to 11 million customers primarily in the US, Europe and Australia. Visit www.txu.com for more information about TXU.