The Wall Street Journal reported today that Kohlberg, Kravis Roberts (KKR) and Texas Pacific Group have entered into an agreement to buy TXU, the mega-utility company, in the largest ever leveraged buyout for $32 billion. Remember that just last year, Texas Pacific Group was engaged in the buyout of Intergraph Corporation. Intergraph, of course, has a very large installed base of utility customers. Texas Electric Delivery (formerly ONCOR) is a subsidiary of TXU and an Intergraph customer for geospatial products. And Intergraph, it should be mentioned, is also a large supplier of plant design software. So, this is obviously a very significant connection for Intergraph. Leveraged buyouts of this magnitude don’t happen overnight and I just wonder how much of this played into the Intergraph acquisition scenario.