Columbus, Ohio-based American Electric Power (AEP), a utility company, agreed on Thursday to sell off its AEP River Operations subsidiary for around $550m.
AEP River Operations is a commercial barge transportation firm, one of the largest inland river barge companies in the US, transporting more than 45 million tons annually. That includes cargoes of grain, coal, steel, ores, liquids and other bulk products. The firm is based in Chesterfield, Missouri.
The new buyer is American Commercial Lines (ACL) a subsidiary of Platinum Equity. ACL is based in Jeffersonville, Indiana and had a fleet of 1,900 barges before the deal.
The sale is subject to regulatory approval. AEP had been mulling the sell-off of its River Operations branch since at least