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$7 Billion Utility Purchase

The Pennsylvania power company PPL agreed to acquire E.On, the U.S. subsidiary of the German giant utility E.On AG.

The deal is said to be in the neighborhood of $7 billion and is expected to get board approval on both sides.

According to the Wall Street Journal, "E.On AG approved the sale of the company's regulated buiness in an effort to reduce its debt pile."

The large utility deal has been in the works for some time with sepculation that Duke Energy was also in the running but lost out on the bid.

The deal with PPL was announced on Wednesday.

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