PPL Corp. (PPL) Stock Falls After Spinoff Completion
NEW YORK (TheStreet) — Shares of PPL Corp. (PPL – Get Report) were falling 8.5% to $31.82 on Tuesday, a day after the electric utility company completed the spinoff of its competitive supply business.
The spinoff power company, called Talen Energy, also includes generation assets owned Riverstone Holdings.
PPL said the spinoff completed its transition to focus solely on “high-performing regulated utilities in both the United States and the United Kingdom.” The transition included the acquisition of Louisville Gas and Electric and Kentucky Utilities and the expansion of its U.K. operations
