RTTNews | Aug 10, 2020 08:07AM EDT

08:06 Monday, August 10, 2020 (RTTNews.com) - PPL Corp. (PPL) said the company is initiating a formal process to sell its U.K. utility business. The decision to proceed with the sale process followed a comprehensive strategic review by the company's Board.

"We believe there is an opportunity to unlock significant value for PPL shareowners through the sale of Western Power Distribution (WPD) and the strategic repositioning of PPL's portfolio to be fully U.S.-based," said Vincent Sorgi, CEO.

The company expects to evaluate a variety of offers for the purchase of WPD, including all cash or a combination of cash and U.S. utility assets.

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