The Pennsylvania Public Utility Commission on Wednesday approved the spinoff of PPL Corp.'s generation and pipeline assets.

The approval resolves one regulatory impediment to the spinoff, which involves the combination of PPL's assets with those of Riverstone Holdings L.L.C. into a new publicly traded entity, Talen Energy Corp. PPL shareholders will own 65 percent of Talen.

PPL Electric Utilities, which provides electric distribution service to approximately 1.4 million customers in Pennsylvania, is not affected by the transaction.

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