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PE consortium in $3.65B power buy.
Byline: Laura King
A consortium of private equity firms is paying $3.65 billion to buy wholesale electric power generator Texas Genco and its stake in the South Texas Project nuclear plant from CenterPoint Energy Inc. and Texas Genco Holdings Inc.
The purchasing entity, known as GC Power Acquisition LLC, comprises Blackstone Group and Kohlberg Kravis Roberts & Co. of New York, San Francisco-based Hellman & Friedman LLC and Texas Pacific Group of Fort Worth.
The transaction represents the largest power-plant purchase by a financial buyer since deregulation of the wholesale electricity market began in 1999.
The companies said in a joint …
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