Algonquin Power & Utilities terminates deal to buy Kentucky Power

The Canadian Press

ALGONQUIN POWER & UTILITIES (AQN:CT)

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Algonquin Power & Utilities Corp. says it has agreed with American Electric Power to terminate its deal to buy Kentucky Power Company and AEP Kentucky Transmission Co. Inc.

AQN chief executive Arun Banskota says the company's board of directors and management team decided that continuing with the transaction is not in the best interest of the company. 

He says they made the decision to cancel the deal, which was first announced in October 2021, "in light of the evolving macro environment."

The company says it is not required to pay a termination fee.

AQN says it continues to estimate that its adjusted net earnings per common share for the 2023 financial year will be in a range of 55 cents to 61 cents.

AQN expects to release its first quarter financial results on May 11, before market open.

This report by The Canadian Press was first published April 17, 2023.