PPL to acquire E.On Kentucky utilities for $6.7B

ALLENTOWN, Pa. (AP) - Power company PPL has agreed to acquire
the parent company of Kentucky's two major utilities for $6.7
billion in cash.

PPL says it is buying E.On U.S. LLC, the parent of Louisville
Gas & Electric Company and Kentucky Utilities Company, from German
power company E.On AG.

PPL, based in Allentown, Pennsylvania, also will assume $925
million of debt. PPL also says it will get a tax benefit of about
$540 million.

PPL says revenue will total about $10 billion and serve nearly 5
million electricity customers in the U.S. and the U.K. after the

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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