TXU is being sold for a $45 billion dollars. The company announced today, it has agreed to be sold to a group of private-equity firms. The sale of the Dallas-based company would be the largest private buyout in U.S. corporate history if shareholders go along.
The firms agreed cut down electricity prices by 10 percent. They will also to scale back TXU's controversial $10 billion plan to build eleven new coal-fired power plants. The company says the deal benefits everyone.
"This will help clean up the environment," said TXU Power community relations manager Rick Hanning. He added, "The new owners have decided that they will lower rates overall over the next year. It would reduce prices by six percent within the first 30 days of the sale being complete and an additional four percent after that."
Governor Rick Perry welcomed the the sale in what he calls an "investment in emissions reductions, renewable sources, and Texas jobs."