September 19, 2016
American Electric Power (NYSE: AEP) has announced that it has signed an agreement to sell four power plants totaling approximately 5,200 megawatts (MW) for approximately $2.17 billion to a newly formed joint venture of ArcLight Capital Partners, LLC (ArcLight) and Blackstone (NYSE: BX). The sale is expected to close in the first quarter of 2017 and is subject to regulatory approvals from the Federal Energy Regulatory Commission, the Indiana Utility Regulatory Commission and federal clearance pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Latham & Watkins LLP represents ArcLight in the transaction with a corporate deal team led by New York partner David Allinson, with associates David Owen, Edmond Parhami and Christopher DePizzo. Advice was also provided on finance matters by New York partners Warren Lilien and Veronica Relea, with associates Naim Culhaci and Timothy Doherty; on tax matters by New York partner Lisa Watts, with associate Alan Kimball; on employee benefits matters by Washington, D.C. partner David Della Rocca, with associates Matthew Conway and Nikhil Kumar; on energy regulatory matters by Washington, D.C. partner Michael Gergen, with associate Kelly Walters; on environmental matters by New York partner Jean-Philippe Brisson, with associates Stacey VanBelleghem and Andrew Westgate; and on intellectual property matters by New York counsel Carrie Girgenti.