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PPL plans up to $950 million convertible equity units for acquisition
By Jennifer Chiou
New York, March 2 - PPL Corp. announced that it intends to partially fund the acquisition of Central Networks from E.ON UK plc with $750 million to $950 million of convertible equity units.
To further fund the £4 billion purchase price - £3.5 billion in cash and £500 million of assumed debt - the company is planning to issue $2.95 billion to $3.25 billion of unsecured debt as well as $1.7 billion to $1.9 billion of PPL stock.
PPL is acquiring the company via its U.K. subsidiaries.
The transaction is anticipated to close in early April.
PPL is based in Allentown, Pa., and produces and distributes electricity to about 4 million customers in Pennsylvania and the United Kingdom.
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