American Electric Power (AEP) agreed to sell a 19.9% stake in its Ohio and its Indiana & Michigan transmission companies to a partnership between KKR (KKR) and PSP Investments for $2.82 billion.
The minority stake represents about 5% of American Electric Power's total transmission rate base. The proceeds will fund a five-year, $54 billion capital growth plan and offset "a significant amount" of $5.35 billion equity financing needs through 2029, the company said Thursday in a statement.
The stake sales will be accretive to earnings and the credit profile immediately, the company said.
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