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AEP To Sell Distributed Resources Business To Basalt For ~$315M In Cash, Expected To Close In Q3 2024

Author: Benzinga Newsdesk | May 13, 2024 04:32pm

American Electric Power (NASDAQ:AEP) has entered into an agreement to sell its distributed resources business, AEP OnSite Partners ("OnSite"), to funds advised by Basalt Infrastructure Partners LLC. AEP expects to net approximately $315 million in cash after taxes and transaction fees, subject to customary closing adjustments. The sale is expected to close in the third quarter of 2024, pending regulatory approvals.

Posted In: AEP