agreed to sell its North American unit's power generation assets outside the Midwest for as much as $1.54 billion, assuming certain performance measures are met.
A division of LS Power Equity Partners will buy the assets. Duke, based in Charlotte, N.C., said the firm will pay at least around $1.48 billion.
Duke said Monday that it expects a pretax gain of roughly $330 million. The transaction won't affect Duke's ongoing earnings because the assets being sold are currently classified as discontinued operations.
The assets include about 6,200 megawatts of power generation located in the western and northeastern U.S. The sale requires antitrust clearance and the approval of the Federal Energy Regulatory Commission. Duke expects to close the sale before June.
Shares of Duke were up 3 cents to $27.82.