PPL Corp acquires The Narragansett Electric Company (Rhode Island Energy)

PPL Corp acquired The Narragansett Electric Company (Rhode Island Energy) for Approximately $3.8 billion in cash at announcement; approximately $3.82 billion in cash at close, subject to customary post-closing adjustments, a transaction completed in May 2022, structured as all cash.

The Narragansett Electric Company (Rhode Island Energy) operates in Regulated electric and gas utility (Rhode Island), is based in Rhode Island, USA (Rhode Island's primary electric and gas utility). The Narragansett Electric Company is Rhode Island's primary regulated electric and natural gas utility, acquired from National Grid USA (a subsidiary of National Grid plc). PPL purchased 100% of the outstanding common stock of Narragansett Electric through its indirect subsidiary PPL Rhode Island Holdings, LLC. Following the closing, the business continued to provide service under the name Rhode Island Energy.

PPL described the acquisition, paired with the sale of its U.K. business, as a strategic repositioning that simplified its business mix, strengthened its balance sheet and credit metrics, improved prospects for long-term earnings growth, and transformed PPL into a high-growth, purely U.S.-focused energy company by adding an attractive electric and gas utility in a constructive regulatory jurisdiction.

An attractive electric and natural gas utility in a constructive regulatory jurisdiction that complemented PPL's existing high-performing U.S. utilities and completed its transition to a purely U.S.-focused company. Held under PPL Rhode Island Holdings, LLC; operates under the name Rhode Island Energy

Advisory firms were not disclosed for this transaction.