NEW YORK, October 26, 2021: Morgan Lewis is representing American Electric Power in an agreement to sell its Kentucky utility operations, which include Kentucky Power and AEP Kentucky Transco, to Liberty Utilities, the US regulated utility business of Canadian parent company Algonquin Power & Utilities Corp. The transaction is valued at $2.846 billion. The sale is expected to close in the second quarter of 2022, pending regulatory approvals.
Based in Columbus, Ohio, AEP operates and maintains the nation’s largest electricity transmission system and more than 223,000 miles of distribution lines to safely deliver reliable and affordable power to 5.5 million regulated customers in 11 states.
Morgan Lewis partners John Klauberg, Michael Espinoza, and Katie Ostman are advising AEP.