Power producer AES will pay $4.7 billion to purchase DPL, the parent company of Dayton Power & Light.
“We are concentrating our growth efforts in a few key markets, including the U.S. utility sector, where we see opportunities to leverage our global platform of 40,500MW and 11.5m utility customers,” said Paul Hanrahan, AES president and chief executive.
DPL will remain a standalone business, with local management and corporate functions, but officials said they will be able to take advantage of AES’ global resources.
DPL operates power plants with a generating capacity of 3,800 megawatts, with the majority made up of low-cost coal- fired units. AES has 40,500 megawatts of generating capacity and 11.5 million customers. Sales in 2010 amounted to about $17 billion and the company controls about $41 billion in total assets, AES said in the statement.
The deal remains subject to approval of DPL shareholders and state and federal regulators. The deal should close in the fourth quarter this year.