DALLAS, Texas, Jan. 18, 2002 — TXU’s sale of its United Kingdom distribution business and its 50 percent interest in 24seven to London Electricity Group (LE Group) was completed today.
TXU originally announced the sale on November 19, 2001 for #1.310 billion (US$1.873 billion). The sale of the distribution business provides a number of significant benefits for TXU, including increased management focus on the merchant energy business and enhanced growth prospects in Europe.
It also reduces debt levels and improves interest coverage, thus strengthening TXU’s financial position through over #1.3 billion of debt reduction.
TXU is a provider of electric and natural gas services, merchant energy trading, energy marketing, energy delivery, telecommunications and energy-related services.