PPL Corporation has entered into definitive agreements to sell its U.K. utility business, Western Power Distribution, to National Grid plc for 7.8 billion pounds ($10.7 billion) and, in a separate transaction, to acquire National Grid’s Rhode Island utility business, The Narragansett Electric Company, for $3.8 billion. The strategic repositioning will transform PPL into a high-growth, purely U.S.-focused energy company with a strong balance sheet.

At the conclusion of both transactions, PPL will serve approximately 3.5 million electricity and gas customers across diverse, constructive regulatory jurisdictions in the U.S.