American Electric to sell commercial barge transportation unit for $550M

• American Electric Power (NASDAQ:AEP) agrees to sell its AEP River Operations commercial barge transportation subsidiary to American Commercial Lines, owned by Platinum Equity, for ~$550M.
• AEP River Operations delivers ~45M tons of products annually, including 10M tons of coal.
• AEP plans to retain ownership of its captive barge fleet that delivers coal to its regulated coal-fueled power plants owned by Appalachian Power, Kentucky Power and Indiana Michigan Power.