Environmental Defense Engages Perella Weinberg Partners to Support Its Role on Proposed Acquisition of TXU Corporation
FOR IMMEDIATE RELEASE
Contact:
Denise DesChenes/Renee Soto, Sard Verbinnen & Co, 212-687-8080
(New York, NY – March 7, 2007) – Environmental Defense, a leading national nonprofit organization, today announced that it has engaged Perella Weinberg Partners to support its role as an advocate for environmental interests in connection with the proposed acquisition of TXU Corporation by a group of private equity firms led by Kohlberg Kravis & Roberts (“KKR”) and Texas Pacific Group (“TPG”).
Fred Krupp, President of Environmental Defense said, “We applaud KKR and TPG and their primary financial advisor, Goldman, Sachs & Co. for their pioneering foresight in giving environmental advocates a seat at the table on this important and groundbreaking transaction. We are committed to being a pragmatic, constructive and informed participant in this process. We have engaged Perella Weinberg to assist us in evaluating and better understanding the financial aspects of the transaction which could affect the environmental commitments made by prospective buyers.”
Continued Krupp, “As an organization, we are focused on enlisting senior business and financial leaders to serve as advocates for market-based economic solutions to global environmental and climate issues. The TXU situation is a perfect example of how the business, financial and environmental communities can come together in a substantive way.”
Said Peter Weinberg, Co-Founder and Partner of Perella Weinberg Partners, “This is a truly unique and exciting opportunity for us. Environmental Defense is a long established and committed advocate on environmental issues that are important to us all. We look forward to supporting them in every way we can.”
As previously announced on February 26, 2007, a group of private equity firms led by KKR and TPG announced an offer to acquire TXU in a $45 billion transaction, the largest proposed acquisition by private equity firms in history. Based on discussions with Environmental Defense, KKR, TPG and the other equity owners have made a number of commitments, including to withdraw applications for eight coal-fired power plants proposed in Texas, and to support a mandatory cap on carbon emissions, should their offer to acquire TXU be accepted and the transaction consummated.
With more than 3 million members, Environmental Defense Fund creates transformational solutions to the most serious environmental problems. To do so, EDF links science, economics, law, and innovative private-sector partnerships to turn solutions into action. edf.org
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