{"id":799323,"date":"2025-01-09T15:03:06","date_gmt":"2025-01-09T20:03:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kkr-and-psp-investments-acquire-minority-stake-in-two-american-electric-power-transmission-companies\/"},"modified":"2025-01-09T15:03:06","modified_gmt":"2025-01-09T20:03:06","slug":"kkr-and-psp-investments-acquire-minority-stake-in-two-american-electric-power-transmission-companies","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kkr-and-psp-investments-acquire-minority-stake-in-two-american-electric-power-transmission-companies\/","title":{"rendered":"KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies"},"content":{"rendered":"

<\/p>\n

KKR and PSP Investments Acquire Minority Stake in Two <\/b>American Electric Power Transmission Companies<\/b><\/p>\n

Investment to support modernization of infrastructure and increased reliability<\/i><\/p>\n

Strategic partnership comes as need for reliable power soars in the U.S.<\/i><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nToday, investment funds managed by KKR, a leading global investment firm, and the Public Sector Pension Investment Board (\u201cPSP Investments\u201d), one of Canada\u2019s largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power\u2019s (\u201cAEP\u201d) Ohio and Indiana & Michigan transmission companies for $2.82 billion. Founded in 1906 and one of the largest electric utilities in the U.S., AEP has pioneered the country\u2019s energy system through the delivery of safe, reliable and affordable energy for millions of homes. The investment will support AEP\u2019s ability to meet increasing customer demand and enhance grid reliability. KKR and PSP Investments have formed a 50\/50 strategic partnership to pursue the acquisition.<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20250109303908\/en\/<\/a><\/p>\n

\nAEP is a fully regulated electric utility that serves 5.6 million retail and wholesale customers across 11 states. Ohio, Indiana and Michigan are among AEP\u2019s fastest-growing service territories driven primarily by the strong American manufacturing industry and newer sources of load growth. The investment by KKR and PSP Investments in these two transmission companies will support AEP\u2019s previously announced five-year capital plan to benefit customers.<\/p>\n

\n\u201cWe are thrilled to strategically partner with the best-in-class leader in transmission in the U.S., and are impressed with AEP\u2019s deep operational capabilities, highly experienced leadership team, and its history of innovation,\u201d said Kathleen Lawler, Managing Director, KKR<\/b>. \u201cKKR\u2019s infrastructure business has a long track record of investing behind the energy transition and electrification opportunities, and this investment in AEP sits squarely at the intersection of these two trends. The simplicity and stability of the assets, coupled with the robust demand for electricity, make AEP\u2019s transmission assets an ideal investment for KKR.\u201d<\/p>\n

\n\u201cWe are delighted to form this partnership with AEP to support its ambitious growth plan to build much needed transmission infrastructure in a region that is undergoing significant tailwinds from digitalization and reshoring of critical manufacturing,\u201d said Michael Rosenfeld, Managing Director, Infrastructure Investments, PSP Investments<\/b>. \u201cThis investment marks an important milestone in PSP Infrastructure\u2019s roll out of its High Inflation Correlated Infrastructure (\u201cHICI\u201d) strategy, which is predicated on investing in North American core infrastructure assets that exhibit a defensive and predictable inflation-linked cashflow profile.\u201d<\/p>\n

\n\u201cWe are pleased to launch this strategic partnership with two of the world\u2019s premier global infrastructure investors. KKR and PSP are experienced investors in the utilities and energy space with a proven track record of successful infrastructure investments,\u201d said Bill Fehrman, AEP president and chief executive officer<\/b>. \u201cThis transaction allows AEP to efficiently finance a growing segment of our business and enhances our ability to serve growing customer demand and provide reliable service to our customers.\u201d<\/p>\n

\nUpon the closing of the transaction, AEP will remain the majority owner and operator of the transmission assets. KKR is funding this investment from its core infrastructure strategy.<\/p>\n

\nMoelis and Morgan Stanley served as financial advisors and Simpson Thacher served as legal advisor to KKR and PSP Investments.<\/p>\n

About KKR<\/b><\/p>\n

\nKKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR\u2019s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR\u2019s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR\u2019s website at www.kkr.com<\/a>. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group\u2019s website at www.globalatlantic.com<\/a>.<\/p>\n

About PSP Investments<\/b><\/p>\n

\nThe Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $264.9 billion of net assets under management as of March 31, 2024. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montr\u00e9al and offices in New York, London and Hong Kong. For more information, visit investpsp.com<\/a> or follow us on LinkedIn<\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250109303908\/en\/<\/a><\/span><\/p>\n

Media:<\/b><\/p>\n

KKR
\n<\/b>
Liidia Liuksila or Emily Cummings
\n
(212) 750-8300
\n
media@kkr.com<\/a><\/p>\n

PSP Investments
\n<\/b>
Charles Bonhomme
\n
+1 438 465-1260
\n
media@investpsp.ca<\/a><\/p>\n

KEYWORDS:<\/b> New York United States North America Canada<\/p>\n

INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Insurance Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n\n\n\n
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KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies Investment to support modernization of infrastructure and increased reliability Strategic partnership comes as need for reliable power soars in the U.S. NEW YORK–(BUSINESS WIRE)– Today, investment funds managed by KKR, a leading global investment firm, and the Public Sector Pension Investment Board (\u201cPSP Investments\u201d), one of Canada\u2019s largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power\u2019s (\u201cAEP\u201d) Ohio and Indiana & Michigan transmission companies for $2.82 billion. Founded in 1906 and one of the largest electric utilities in the U.S., AEP has pioneered the country\u2019s energy system through the delivery of safe, reliable and affordable energy for millions of homes. … <\/p>\n

Continue reading “KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-799323","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kkr-and-psp-investments-acquire-minority-stake-in-two-american-electric-power-transmission-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"KKR and PSP Investments Acquire Minority Stake in Two American Electric Power Transmission Companies Investment to support modernization of infrastructure and increased reliability Strategic partnership comes as need for reliable power soars in the U.S. NEW YORK–(BUSINESS WIRE)– Today, investment funds managed by KKR, a leading global investment firm, and the Public Sector Pension Investment Board (\u201cPSP Investments\u201d), one of Canada\u2019s largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power\u2019s (\u201cAEP\u201d) Ohio and Indiana & Michigan transmission companies for $2.82 billion. 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