PMDC, a subsidiary of PP&L Resources, Inc., (NYSE:PPL), has reached an agreement to purchase a 25.05 percent interest in Empresas Emel S.A., a Chilean holding company that owns a majority interest in several Chilean electricity distribution companies and a Bolivian utility.

PMDC's purchase, which is expected to close this summer, is subject to conditions contained in the share purchase agreement, regulatory approvals and the approval of Emel's shareowners.

When completed, the purchase -- at a price expected to be about $120 million -- would bring PMDC's total investments and commitments worldwide to about $370 million. The company owns a 25 percent share of South Western Electricity in the U.K. and has holdings in Argentina, Bolivia, Peru, Spain and Portugal.