National Grid (LSE:NG.) PLC's acquisition of Western Power Distribution (WPD) was cleared by the UK’s competition regulator.
WPD is the largest UK’s electricity distribution business and is being acquired by National Grid (LSE:NG.) for £7.8bn including debt.
On the information currently available, the CMA said it had decided not to refer the merger to a phase 2 investigation.
National Grid to sell gas assets after buying UK ‘s largest electricity distributor
National Grid (LSE:NG.) announced the acquisition in March alongside the disposal of its stake in the UK’s gas pipeline network as part of a switch towards cleaner energy.
As part of the deal, Rhode Island-based Narragansett Electric Company (NECO) was sold to PPL Energy, the vendor of WPD, for £2.7bn.