E.ON closes sale of UK distribution business to PPL Corporation

Апреля 12, 2011

E.ON has finalized the sale of its UK distribution business, Central Networks, to a subsidiary of PPL Corporation, Allentown, Pennsylvania (PPL). The purchase price of £4 billion GBP (€4.7 billion) for 100 percent of the enterprise value includes £500 million of existing debt.

The deal, which was announced only a month ago, was not subject to any regulatory approvals. The excellent price is a key contribution towards E.ON’s €15 billion divestment target by the end of 2013. The proceeds of the sale will increase E.ON’s financial flexibility and strengthen its balance sheet.
E.ON purchased Central Networks East as part of its takeover of UK based Powergen in 2002. In 2004, E.ON purchased Midlands Electricity for £1.2 billion GBP (€ 1.6 billion) and combined the two businesses to create Central Networks, which today has approximately 3,500 employees.