German EON says will sell British power grid to US firm PPL

2nd March 2011, Comments 0 comments

The biggest German power group, EON, said Wednesday it would sell its British electric grid Central Networks to the US group PPL for 4.7 billion euros ($6.5 billion).

In early 2010, EON had already sold its US subsidiary to Pennsylvania Power & Light.

The latest transaction should be finalised by early April, an EON statement said.

The German group plans to sell non-core assets worth a total 15 billion euros by the end of 2013 and the sale of Central Networks was decided as part of that strategy.

Another company, Hong Kong Cheung Kong Infrastructure (CKI) had also bid for the British network, press reports said in Britain last month.

In the end however, PPL was chosen to buy 133,000 kilometres (83,000 miles) of electric lines in central Britain that serve five million clients.

© 2011 AFP

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