KKR and PSP Investments to acquire a 19.9% stake in two American transmission companies from American Electric Power for $2.82bn.

KKR, a global investment firm, and PSP Investments, a pension investor, agreed to acquire a 19.9% stake in Ohio and Indiana & Michigan transmission companies from American Electric Power, an electric utilities company, for $2.82bn. “We are thrilled to strategically partner with the best-in-class leader in transmission in the U.S., and are impressed with AEP’s deep operational capabilities, highly experienced leadership team, and its history of innovation. KKR’s 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’s transmission assets an ideal investment for KKR,” Kathleen Lawler, KKR Managing Director.