The £7.8 billion sale of Britain’s largest electricity distribution business, Western Power Distribution (WPD), has been finalised.
Two months ago, National Grid announced the acquisition from PPL Corporation.
The sale follows PPL’s decision to exit the UK and focus on the US market.
The company expects that its planned acquisition of National Grid‘s US Rhode Island electric and gas utility, the Narrangansett Electric Company, to close by March next year.
Vincent Sorgi, PPL President and Chief executive officer, said: “Together, the sale of WPD and the acquisition of Narragansett Electric will better position PPL for long-term growth and success by simplifying our business mix, strengthening our credit metrics, improving our prospects for long-term earnings growth and providing us greater financial flexibility to invest in sustainable energy solutions.”