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February 26, 2007
WASHINGTON, DC, February 26, 2007 — Private equity firms Kohlberg Kravis Roberts & Co. (KKR) and Texas Pacific Group (TPG) announced today that they have agreed to acquire Texas power company TXU Corp. for $45 billion. Covington & Burling LLP advised KKR and TPG on environmental, regulatory, and other governmental and public policy aspects of the transaction, which is the largest leveraged buyout in history. The Covington team based in New York and Washington was led by Stuart Eizenstat, William Massey, Philip Howard, Ruben Kraiem, and Richard Meserve, and also included Martin Gold, Michael Barnes, William Boyd, Bob Fleishman, Linda Morgan, David Marchick, Bill Wichterman, TL Cubbage, and Carolyn Corwin.