U.S. power firm PPL Corp (PPL.N) has agreed to buy German utility E.ON AG's (EONGn.DE) UK power networks for 3.5 billion pounds in cash, a person familiar with the matter said on Tuesday. PPL, which beat its main rival, Hong Kong billionaire Li Ka-Shing, in the race for E.ON's networks, would also assume 500 million pounds in debt, the person said. The deal, which would leave PPL with about 7.5 million customers in Britain, is likely to be announced in the coming hours and will value the networks at about a 28 percent premium to their so-called "asset value" as of March 2011, this person added.
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