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Volume XII, Number 184

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Pending CFIUS Filing: Algonquin/Kentucky Power

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

On 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.)

© Copyright 2022 Squire Patton Boggs (US) LLPNational Law Review, Volume XII, Number 42
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About this Author

Peter C. Alfano III International Trade Attorney Squire Patton Boggs Washington, DC
Senior Associate

Peter Alfano has extensive experience counseling clients on antitrust and national security matters. In the area of national security representations, Peter is a leading practitioner in our International Trade Practice Group focusing on national security investment reviews. In this practice area, Peter is active in representing transacting parties, both US businesses and non-US investors, before the Committee on Foreign Investment in the United States (CFIUS), including negotiating assurance and national security mitigation agreements with CFIUS member agencies. As part...

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