KKR, PSP Investments To Buy Minority Stake In AEP's Ohio And Indiana & Michigan Transmission Cos.

(RTTNews) - An investment funds managed by KKR and the Public Sector Pension Investment Board, one of Canada's largest pension investors, announced an agreement to acquire a 19.9% interest in American Electric Power's (AEP) Ohio and Indiana & Michigan transmission companies for $2.82 billion.

KKR and the Public Sector Pension Investment Board or "PSP Investments" have formed a 50/50 strategic partnership to pursue the acquisition.

Upon 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.