Electricité de France (EdF), the state-owned power giant, has added another major acquisition to its portfolio, once again outside its home nation. American Electric Power (AEP), the Columbus, Ohio-based diversified energy firm, agreed on June 18 to sell UK utility Seeboard to EdF at a price some observers feel is very high.

The deal, in which EdF will pay £670 million ($943 million) for Seeboard’s assets, is dependent on European Union approval and is expected to be completed by the end of July