National Grid to buy UK utility business WPD for 7.8 billion pounds

FILE PHOTO: A Western Power Distribution van is driven along Electric Avenue in Nottingham, Britain August 8, 2017. REUTERS/Darren Staples

(Reuters) – National Grid said on Thursday it had agreed to buy the UK’s largest electricity distribution business, Western Power Distribution (WPD), from U.S. company PPL Corp for 7.8 billion pounds ($10.92 billion).

PPL said in a separate statement that the WPD deal was valued at 14.4 billion pounds, including 6.6 billion pounds in debt.

National Grid also said it would sell its Rhode Island utility business, the Narragansett Electric Company (NECO), to PPL for $3.8 billion.

The British company, whose businesses supply gas and electricity to millions of customers, said the deals would increase the proportion of its assets in electricity to 70% from 60%.

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