By Jaime Llinares Taboada

National Grid PLC said Thursday that it has agreed to acquire Western Power Distribution and sell The Narragansett Electric Company in a deal with PPL Corp., as it seeks to pivot its U.K. business toward electricity.

The FTSE 100 energy networks company said WPD, the largest U.K. electricity distribution business, is being acquired for an equity value of 7.8 billion pounds ($10.89 billion). Meanwhile, The Narragansett Electric Co., a U.S. electricity transmission and distribution service provider and natural gas distributor, is being sold for an equity value of $3.8 billion, it said.

In addition, National Grid said it will start a process later in 2021 to sell a majority stake in National Grid Gas PLC, the owner of the British gas transmission system.

National Grid said that as a result of these transactions the proportion of its assets in electricity will increase to around 70% from 60%.

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

(END) Dow Jones Newswires

03-18-21 0342ET