US: $67B utility merger in the works?

Allentown-based PPL and a Connecticut power company are negotiating what could be a US$67 billion merger, according to a published report.

The report in the Financial Times states the merger with Avangrid would create one of the largest publicly traded utilities in the United States.

Avangrid has US$32 billion in assets and operations in 24 US states, according to the company website. It owns eight electric and natural gas utilities, serving 3.25 million customers in New York and New England.

PPL provides energy services to more than 10 million customers in Pennsylvania, Kentucky, and the United Kingdom, its website states.

PPL spokesman Ryan W. Hill said the company doesn’t comment on market rumors. A message left with Avangrid media relations wasn’t immediately returned. 

The Financial Times report’s sources say there’s no certainty a deal will be reached.

Full Content: Financial Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.