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.
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