PPL (PPL.N), the Pennsylvania utility, agreed to buy E.ON AG's (EONGn.DE) UK electricity distribution networks for 3.5 billion pounds in cash and assume 500 million pounds in debt, a person familiar with the matter said on Tuesday. The deal is likely to be announced in the coming hours, and will value the networks at about a 28 percent premium to their so-called "regulated asset value" as of March 2011, the person added. Earlier on Tuesday another person said the PPL was nearing a deal, beating rival bidder Li Ka-Shing, the Hong Kong billionaire. [ID:nN01119969] (Reporting by Quentin Webb in London; Editing by Richard Chang)
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