Algonquin Power & Utilities Corp (TSX:AQN) announced that it has mutually agreed with American Electric Power to terminate Algonquin’s pending $2.65 billion all-stock takeover of Kentucky Power Company and AEP Kentucky Transmission Company, Inc.
The diversified international generation, transmission, and distribution utility company cited “the evolving macro environment” as its primary concern, adding that it is not required to pay a termination fee.
“Looking forward, AQN remains supported by a high-quality asset base, a strong balance sheet, and is well-positioned to deliver sustainable, long-term growth, capitalize on the energy transition and create value for shareholders,” Algonquin Power & Utilities CEO Arun Banskota said in a statement.
The company added that it is sticking to its previously-disclosed estimate of adjusted net earnings per share to be in the range of $0.55 to $0.61 for fiscal 2023.
Algonquin Power expects to report its first quarter 2023 financial results on May 11, 2023, before the market opens.
Contact Sean at sean@proactiveinvestors.com