E.ON has finalised the sale of Central Networks, its UK distribution business, a month after the deal was first announced.

A subsidiary of the US-based PPL Corporation bought Central Networks for £4 billion.

The proceeds will contribute towards E.ON’s €15 billion (£13bn) divestment target by the end of 2013.

Central Networks was formed when E.ON combined Central Networks East – bought as part of E.ON’s takeover of UK based Powergen – with Midlands Electricity which it purchased for £1.2 billion in 2004.