Shareholders of TXU have approved the merger agreement with Texas Energy Future Holdings Limited Partnership (TEF), formed by a group of investors led by Kohlberg Kravis Roberts & Co (KKR) and Texas Pacific Group (TPG).
Over 74% of the 461 million total outstanding shares of TXU voted in favour.
Under the terms of the merger agreement, upon close of the merger, TXU shareholders will be entitled to $69.25 in cash for each share of TXU common stock held. The merger, which requires approval by the Nuclear Regulatory Commission and completion of other customary closing conditions, is expected to close in the fourth quarter of 2007.
The Federal Energy Regulatory Commission (FERC), meanwhile, has authorised the transfer of assets owned by Oncor Electric Delivery and TXU Wholesale through the acquisition of their parent company, TXU Corporation, by Texas Holdings.
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