Haynes and Boone Advises American Electric Power in $550 Million Sale of Barge Operations Subsidiary
HOUSTON, DALLAS, and WASHINGTON, Oct. 2, 2015 /PRNewswire/ -- A team of Haynes and Boone, LLP lawyers from three different offices advised American Electric Power Company, Inc. (AEP) in the agreement announced Thursday to sell its commercial barge subsidiary to American Commercial Lines for $550 million.
The subsidiary, AEP River Operations LLC, is a commercial inland barge company that delivers about 45 million tons of products annually, including 10 million tons of coal. The company, headquartered in Chesterfield, Mo., employs 1,090 employees and operates 56 towboat and 2,301 barges.
AEP Associate General Counsel Randy Ryan was the legal lead for the transaction. He tapped Houston Partner Walter Keneally who, together with Houston Partner Ricardo Garcia-Moreno, led the Haynes and Boone team.
The Haynes and Boone team included, among others, in Houston: Partners Joe Vilardo (Finance), Jesse Gelsomini (Benefits), John Eldridge (Environmental) and Odean Volker (Litigation); Counsel John Menke (Corporate); and Associates Sameer Saxena, Valisa Berber-Thayer and Winnie Nwapa (Corporate) and Brian Giovannini (Benefits); in Dallas: Partners Keenan Kolendo (Real Estate) and Jennifer Wisinski (Hart-Scott-Rodino); Counsel Michael Threet (Tax); and Associates Alex Stevens (Labor) and Gavin George (Intellectual Property); and in Washington, D.C.: Partner Tom Lang (Antitrust). [Jim Kearns, a partner at Bryan Cave in St. Louis, provided maritime counsel.]
AEP said in March that it was exploring strategic alternatives for AEP River Operations, including a sale. Upon close of the sale, ACL will acquire AEP River Operations by purchasing all the stock of AEP Resources, the parent company of AEP River Operations. ACL will assume all assets and liabilities of AEP River Operations.
The sale of AEP River Operations is subject to regulatory approval including federal clearance pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The sale is expected to close in the fourth quarter of 2015.
About American Electric Power
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to nearly 5.4 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 32,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.
About Haynes and Boone
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Chicago, Denver, Washington, D.C., Mexico City and Shanghai, providing a full spectrum of legal services in technology, financial services, energy and private equity. With more than 550 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm was named the 2015 Best National Firm for Diversity in North America in the Americas Women in Business Law Awards.
CONTACT: Douglas R. Bedell
Haynes and Boone, LLP
214.651.5815 (office)
214.704.3058 (cell)
[email protected]
SOURCE Haynes and Boone, LLP
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