PPL Corp. is initiating a formal process to sell its U.K. utility business in order to position PPL as a purely U.S.-focused utility holding company and create additional shareholder value.
The decision to proceed with the sale process follows a comprehensive strategic review by PPL's board of directors that assessed the company's business mix and future growth opportunities.
“We believe there is an opportunity to unlock significant value for PPL shareowners through the sale of Western Power Distribution [WPD] and the strategic repositioning of PPL's portfolio to be fully U.S.-based,” said Vincent Sorgi, PPL president and CEO. “WPD is a very strong business that continues to perform exceptionally well as the premier distribution network operator [DNO] group in the U.K., but we believe it continues to be undervalued by the market as part of PPL.”
Sorgi added: “Ultimately, we believe the divestment of WPD will simplify PPL's business mix, provide the com
