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E.ON sells US unit for $6.7bn

Germany's E.ON, the world's largest utility by sales, agreed to sell its Kentucky-based unit to US rival PPL for $6.7bn (£4.4bn) in cash yesterday, as the US utility refocuses on steadier, regulated operations. PPL will pick up Kentucky's two largest utilities – Louisville Gas & Electric Co and Kentucky Utilities – in the deal. They serve about 1.2m customers and operate about 7,600 megawatts of electric generation. This is the largest US power deal this year.