By Jaime Llinares Taboada

The Competition and Markets Authority has cleared National Grid PLC 's acquisition of Western Power Distribution from PPL Corp.

The British watchdog said Wednesday that it has decided, on the information currently available, not to refer the merger to a phase 2 investigation.

National Grid in March agreed to acquire Western Power Distribution as part of its U.K. pivot toward electricity.

The FTSE 100 energy-networks company said WPD, the largest U.K. electricity distribution business, was being acquired for an equity value of 7.8 billion pounds ($10.83 billion).

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

09-01-21 0234ET