Global Infrastructure SherpaFirstEnergy to Sell Remaining 19.9% Stake in FirstEnergy Transmission, LLC to Brookfield Super-Core Infrastructure Partners
FirstEnergy agreed to sell its remaining 19.9% stake in FirstEnergy Transmission, LLC to Brookfield Super-Core Infrastructure Partners for $3.5 billion, further strengthening FirstEnergy's financial position and supporting its regulated growth strategy.
Source Intelligence
FirstEnergy will retain nearly 70% of its overall regulated transmission portfolio. "FirstEnergy today announced it has increased its 2021-2025 long-term growth plan to nearly $18 billion , an increase of approximately $1 billion from the $17 billion target established in 2021."
"FirstEnergy Corp. (NYSE: FE ) today announced it has entered into a definitive agreement to sell an additional 30% ownership interest in its FirstEnergy Transmission, LLC (FET) business to Brookfield Super-Core Infrastructure Partners"
"FirstEnergy Corp. (NYSE: FE ) today announced it has entered into a definitive agreement to sell an additional 30% ownership interest in its FirstEnergy Transmission, LLC (FET) business to Brookfield Super-Core Infrastructure Partners"
"J. P. Morgan Securities LLC is serving as lead financial advisor"
"Citigroup Global Markets is serving as financial advisor to FirstEnergy for this transaction."
"Moelis & Company LLC is serving as financial advisor and provided a fairness opinion to the FirstEnergy Board of Directors."
"Jones Day is serving as legal advisor to FirstEnergy."
"Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Brookfield"