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Biggest Buyout Gone Bust Dims Megadeal Outlook

Energy Futures bankruptcy is likely to reshape the way buyout firms do business.

By David Carey and Sabrina Willmer, Bloomberg | Updated on April 30, 2014

The failure of Energy Future Holdings Corp., known as TXU Corp. when KKR & Co., TPG Capital and Goldman Sachs Capital Partners acquired it for $48 billion in 2007, and the stumbles of other huge deals of the past decade have reshaped how major buyout firms go about their trade.

The Dallas-based utility’s bankruptcy yesterday ended the biggest leveraged buyout on record and will wipe out most of the $8.3 billion of equity that investors led by three of the world’s largest private-equity firms sank into the company.

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