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PPL raises $3.64B in stock and unit offering

Power provider PPL Corp. said Monday that it raised more than $3.64 billion in a stock and equity offering to help finance its $7.6 billion acquisition of two Kentucky utilities.

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Power provider PPL Corp. said Monday that it raised more than $3.64 billion in a stock and equity offering to help finance its $7.6 billion acquisition of two Kentucky utilities.

The Allentown-based company said it sold 103.5 million common shares at $24 each and 23 million equity units at $50 each, including additional units bought by the underwriters to cover overallotments

PPL said in April that it is buying E.On U.S., the parent of Louisville Gas & Electric Co. and Kentucky Utilities Co., from German power company E.On AG. PPL has said it expects the deal to close this year.

PPL has four million customers in Pennsylvania and the United Kingdom. The deal would give it an additional 1.2 million customers.

Shares of the company lost 37 cents to $25.06 in early afternoon trading.