Big buyouts basically amount to big gravy trains. Congratulations if you can latch on. Citigroup, Goldman, Morgan Stanley, JPMorgan and Lehman are advising the KKR and Texas Pacific. Goldman's private equity fund and Lehman's private equity fund are investing $1.5 billion and $1 billion respectively. Who says such funds compete with customers. As for the target, TXU Energy, Credit Suisse and Lazard are advising. Credit Suisse has apparently been advising TXU on strategic options for several years. Lazard joined the team recently to provide a second opinion. There will also be about $27 billion in debt that will have to be underwritten by the same banks that will provide bridge loans. (See next item.) So you can see why financial sponsors are calling the shots these days--they are the geese that lay the golden eggs.

For more:
- here's an update from Financial News online