Powergen, the UK subsidiary of E.on, Germany's largest power company, is close to securing Midlands Electricity for £1.1bn (€1.63bn) after gaining agreement from 50% of the bondholders. The deal will make E.on the UK's largest electricity distribution company after Electricite de France.

The deal also marks the first time that Powergen, which also owns East Midlands Electricity in the UK , has used JP Morgan on a transaction. Close Brothers advised the Midlands bondholders.