WPD is the UK’s largest electricity distribution business and is currently owned by US firm PPL Corporation.
National Grid, which manages the UK’s power infrastructure, announced the acquisition in March as part of a shift towards electricity and greener energy.
WPD currently distributes electricity to around 7.9 million Britons in the Midlands, South West and Wales, covering an area over 55,500 square kilometres and employing over 6,500 staff. It does not directly sell electricity to end users.
While the firm is estimated to be worth around £14.4bn, it has around £6.6bn in debt that National Grid will also take on. The deal also includes the sale of Rhode Island utility the Narragansett Electric Company (NECO) to PPL for £2.7bn.
According to National Grid, the purchase of WPD will mean its electricity assets will make up around 70 per cent of its portfolio, compared to 60 per cent before.
While the deal had already gone through, the CMA launched an...