E.ON will sell its power and gas business in the US to PPL Corporation in a $7.6bn deal.

With the disposal, E.ON said it has already surpassed its target to realise at least €10bn from the divestment of assets by the end of the year.

In a statement, the company said the deal technically reduces adjusted EBIT by approximately €400m and adjusted net income by approximately €260m, but has no effect on net income attributable to shareholders.

The transaction is subject to the approval of US cartel regulatory bodies.