Risk.net

TXU sells Australian unit to Singapore Power, posts results

As a result of the sale of its Australian unit, TXU Corp reduced its consolidated debt by $1.7 billion and received proceeds of $1.9 billion. It will use these to repay debt – mainly short-term borrowings. The estimated pre-tax gain related to the sale is $375 million.Following the purchase, Singapore Power says it now has a diversified portfolio of Australian assets, mainly in the stable regulated network business and growing merchant energy business. For example, Singapore Power has owned