E.ON sells Central Networks for £3.5bn
E.ON, which has its UK base in Coventry, is to sell its Central Networks division to US-based utility PPL. The acquisition, which is PPL’s second major UK network, is worth £3.5bn.
The deal is expected to complete next month. It comes after E.ON announced plans to sell off more than £12bn of its business to cut debt and concentrate on an expansion plan.
About five million customers across the Midlands are served through the Central Networks system.
PPL, based in Pennsylvania, USA, also owns Western Power Distribution, which provides power to more than two million customers in South West England and South Wales.
E.ON UK chief executive Paul Golby said: "PPL is an excellent partner for Central Networks. They share our goal of providing a safe and reliable service for our customers and our communities."
Central Networks was created after E.ON bought Powergen in 2002 and Midlands Electricity in 2004.
