Saturday, November 26 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Nov 21
Week of Nov 14
Week of Nov 07
Week of Oct 31
Week of Oct 24
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    AQN Algonquin sub to acquire KY companies for $2.64B (U.S.)


    September 30, 2022 - Canada StockWatch

     

      Algonquin Power & Utilities Corp (TSX:AQN)
      Shares Issued 673,677,465
      Last Close 9/29/2022 $15.16
      Friday September 30 2022 - News Release

      Mr. Arun Banskota reports

      ALGONQUIN AGREES TO PATH FORWARD ON KENTUCKY POWER ACQUISITION

      American Electric Power and Algonquin Power & Utilities Corp. subsidiary Liberty Utilities Co. have entered into an amendment to the stock purchase agreement dated Oct. 26, 2021, pursuant to which Liberty agreed to purchase Kentucky Power Company and AEP Kentucky Transmission Company Inc. All amounts are shown in United States dollars unless otherwise indicated.

      The amendment provides a path to complete the transaction at a revised purchase price of $2.646-billion, including the assumption of approximately $1.221-billion in debt. The transaction remains subject to approval of the United States Federal Energy Regulatory Commission and is expected to close in January, 2023, if such approval has been received.

      "We look forward to welcoming the employees of Kentucky Power into the Algonquin-Liberty family," said Arun Banskota, president and chief executive officer of Algonquin Power. "We are excited about the Kentucky Power acquisition and adding to our regulated footprint in the United States, as well as leveraging our operational experience for the customers and communities of Kentucky."

      The transaction is aligned with the company's disciplined growth in its regulated services group, given the compelling valuation and opportunities to deliver customer benefits and work with stakeholders on the energy transition in Kentucky. The company plans to utilize its local customer-centric operational model and expertise at Kentucky Power.

      About Algonquin Power & Utilities

      Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with over $17-billion of total assets. Through its two business groups, the regulated services group and the renewable energy group, Algonquin Power is committed to providing safe, secure, reliable, cost-effective and sustainable energy and water solutions through its portfolio of electric generation, transmission and distribution utility investments to over one million customer connections, largely in the United States and Canada. Algonquin Power is a global leader in renewable energy through its portfolio of long-term contracted wind, solar and hydroelectric generating facilities. Algonquin Power owns, operates and/or has net interests in over four GW (gigawatts) of installed renewable energy capacity.

      Algonquin Power is committed to delivering growth and the pursuit of operational excellence in a sustainable manner through an expanding global pipeline of renewable energy and electric transmission development projects, organic growth within its rate-regulated generation, distribution, and transmission businesses, and the pursuit of accretive acquisitions and value enhancing recycling of assets.

      Algonquin Power's common shares, Series A preferred shares and Series D preferred shares are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A and AQN.PR.D, respectively. Algonquin Power's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNA, AQNB and AQNU, respectively.

      We seek Safe Harbor.

    TOP

    Other Articles - Utility Business / General


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.