Press release
AEP To Sell Kentucky Operations To Liberty, Subsidiary Of Algonquin Power & Utilities
COLUMBUS, Ohio, Oct. 26, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has entered into an agreement to sell its Kentucky operations, which
About this update from American Electric Power Company, Inc.
[{"type":"text","content":"COLUMBUS, Ohio, Oct. 26, 2021 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has entered into an agreement to sell its Kentucky operations, which include Kentucky Power and AEP Kentucky Transco, to Liberty, the regulated utility business of parent company Algonquin Power & Utilities Corp. (NYSE: AQN), for $2.846 billion enterprise value. The sale is expected to close in the second quarter of 2022, pending regulatory approvals.\nAEP announced in April 2021 that the company was conducting a strategic review of its Kentucky operations, including a potential sale, and held a competitive process as part of the review.\n\"Kentucky Power and its employees are an important part of the communities in eastern Kentucky, and I am grateful for their valuable contributions to AEP,\" said Nicholas K. Akins, AEP chairman, president and chief executive officer. \"Liberty's commitment to safety and operational excellence will allow Kentucky Power employees to continue their critical work producing and delivering reliable power for customers and communities. At the same time, the sale will strengthen AEP's ability to invest in projects that will support a resilient, cleaner energy system.\"\nFounded in 1919 and headquartered in Ashland, Kentucky Power serves approximately 165,000 electricity customers in 20 eastern Kentucky counties. AEP Kentucky Transco is a regulated transmission business with assets exclusively in Kentucky.\nThe sale directly impacts 360 employees, including 315 who work for Kentucky Power and 45 from AEP whose roles directly support Kentucky operations. These employees will transfer to Liberty when the sale is completed.\n\"We've been proud to serve Kentucky Power customers for more than a century, and the commitment of our employees will remain strong throughout this transition and beyond,\" said Brett Mattison, Kentucky Power president and chief operating officer. \"We are working closely with Liberty to ensure a seamless transition for our customers and communities. Through their focus on safety, reliability, customer service and sustainability, Liberty is well-positioned to serve Kentucky customers. The same skilled and experienced employees who work to keep the lights on for our customers will continue to do so as part of Liberty.\"\nLiberty provides regulated electricity, natural gas, water and wastewater services...