PPL Corporation (PPL) has completed the divestiture of Western Power Distribution (WPD), its U.K. utility business, to National Grid for about $10.7 billion in cash.
The U.S.-based utility holding company has set aside about $6.6 billion to build its balance sheet position and focus more on U.S. operations. The company also plans to reduce its outstanding debt by about $3 billion.
Notably, PPL Corporation is also making progress to acquire Narragansett Electric Company from National Grid for about $3.8 billion. The deal is likely to close in March 2022. (See PPL Corp. stock analysis on TipRanks)