PPL Corp (NYSE:PPL) has announced a deal to buy the Central Networks electricity distribution business in the U.K. from German utility company E.On AG for $5.6 billion. PPL will also assume about $600 million in debt from E.On.

James Miller, chairman, president and CEO of the Allentown, PA-based utility company, said, "Opportunities as compelling as this do not come along very often."

PPL said the deal, adding 83,000 miles of power-lines and 5 million customers, would give the company the largest electricity network in the U.K. The company expects the deal to add 10 to 15 cents per share to 2011 earnings, which the company would project at $2.50 to $2.75 per share for the year, vs. consensus estimates of $2.52 per share.

PPL said it hopes to close on the transaction in early April. The deal, which requires no regulatory or shareholder approvals, is the second in as many years between PPL and E.On.

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