Status:  Pending Filing

Acquirer:  Algonquin Power & Utilities Corp. (Canada)

Acquired:  Kentucky Power Company and AEP Kentucky Transmission Company, Inc. (U.S.)

Value:  $2.846 billion

Industry Tags:  Regulated Utilities; Energy

Bulk-power systemOn October 26, 2021, Liberty Utilities Co., a regulated utility operating subsidiary of Algonquin Power & Utilities Corp., a Canadian publicly traded energy company (TSX: AQN), entered into an agreement with American Electric Power Company, Inc. and AEP Transmission Company, LLC to acquire Kentucky Power Company and AEP Kentucky Transmission Company, Inc., for a total purchase price of approximately $2.846 billion . . . .”   (Algonquin Power & Utilities Corp., Preliminary Prospectus Supplement, Jan. 10, 2022, SEC Filing.)  “Closing of the Kentucky Power Acquisition is subject to receipt of certain regulatory and governmental approvals, including . . .  clearance of the Kentucky Power Acquisition by the Committee on Foreign Investment in the United States.” (Id.)  A filing to CFIUS was to be made with 30 days of signing the agreement.  (See Section 4.5(a)(iv), Stock Purchase Agreement, Algonquin Power & Utilities Corp. Form 6-K, Ex-99.2, Oct. 27, 2022, SEC Filing.) The transaction is expected to close in mid-2022. (See Algonquin Power & Utilities Corp. Prospectus Supplement, Jan. 14, 2022, SEC Filing.)

Please contact Peter Alfano with any questions.