LONDON—France’s GDF Suez SA and U.K.-listed International Power PLC said Tuesday they agreed to merge assets around the globe, consolidating their position in the U.K. and U.S. while strengthening their business in fast-growing emerging markets.

Under the terms of the transaction GDF Suez will inject its assets outside of continental Europe into International Power in a tie-up that would create the world’s largest independent power producer with 66.1 gigawatts in generating capacity. After the deal is completed, GDF Suez with its 70% stake in the new International Power, would become the world’s largest utility by revenue, with annual revenue of €84 billion ($111 billion).

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