National Grid’s £7.8 Billion Acquisition of Western Power Distribution and $3.8 Billion Sale of The Narragansett Electric Company

On March 18, 2021, National Grid plc (“National Grid”) announced that it has agreed to acquire Western Power Distribution, the UK’s largest electricity distribution business, from PPL Corporation (“PPL”) for an equity value of £7.8 billion, and that National Grid has agreed to sell The Narragansett Electric Company, Rhode Island’s largest electricity transmission and distribution service provider, to PPL for an equity value of $3.8 billion. Cravath is representing National Grid in connection with the transactions.

The Cravath team is led by partners G.J. Ligelis Jr. and Mark I. Greene and includes associates Catriela Cohen and Ariadne E. Lyon and foreign associate attorney Theresa M. Scharff on M&A matters; partners Christine A. Varney and Margaret T. Segall and associate Kolja I. Ortmann on antitrust matters; partner Matthew J. Bobby and associates Sally Ye and Brendon J. Rivard on executive compensation and benefits matters; partner David J. Kappos and associate Carys J. Webb on intellectual property matters; partner Matthew Morreale on environmental matters; partner Michael L. Arnold on other corporate matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Associates Joanna Pak and Parth S. Baxi also worked on M&A matters; Jill C. Refvem also worked on M&A matters; and Pedraam Mirzanian also worked on intellectual property matters.