Algonquin Power and Utilities (AQN) on Thursday announced the sale of its competitive renewable energy business in Canada and US, the latest utility in North America to exit in pursuit of higher returns elsewhere to enhance shareholder value.
The company, based near Toronto, did not disclose a timeframe to conclude the transaction. JP Morgan will act as financial advisor.
“We are confident that the intended sale will unlock AQN’s value as a pure-play regulated utility by simplifying our structure,” interim CEO Chris Huskilson, said in a statement.
