FirstEnergy to Sell Remaining 19.9% Stake in FirstEnergy Transmission, LLC to Brookfield Super-Core Infrastructure Partners

Acquisition Transmission announced Akron, United States May 8, 2024

USD3500M

Deal Value

FirstEnergy Transmission, LLC (FET)

Project

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.

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Counterparts (3)

Buyer

Brookfield

company · 3 deals

Brookfield is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. They invest in long-life, high-quality assets and apply an owner-operator mindset to manage and grow the businesses they own.

1st Energy

company · 1 deals

FirstEnergy Corp. is an electric utility company focused on increasing reliability with a smarter, more reliable, and more secure electric system. They are committed to making customers' lives brighter, the environment better, and communities stronger.

Seller

FirstEnergy

company

FirstEnergy is an energy company focused on transmission and distribution. They operate regulated utilities and aim to provide reliable and safe energy delivery.

Source Intelligence

KEY DETAILS

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."

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Deal Size

proceeds from the $3.5 billion all-cash deal

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Location

AKRON, Ohio

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Financials

During 2022, FirstEnergy reduced holding company debt by $2.5 billion , or more than 30% compared to year-end 2021.

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Announcement

AKRON, Ohio , Feb. 2, 2023

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Signing

AKRON, Ohio , Feb. 2, 2023

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Expected Close

The transaction is expected to close by early 2024

PARTIES MENTIONED IN SOURCE

FirstEnergy seller

"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"

Brookfield Super-Core Infrastructure Partners buyer

J. P. Morgan Securities LLC advisor

"J. P. Morgan Securities LLC is serving as lead financial advisor"

Citigroup Global Markets advisor

"Citigroup Global Markets is serving as financial advisor to FirstEnergy for this transaction."

Moelis & Company LLC advisor

"Moelis & Company LLC is serving as financial advisor and provided a fairness opinion to the FirstEnergy Board of Directors."

Jones Day advisor

"Jones Day is serving as legal advisor to FirstEnergy."

Skadden, Arps, Slate, Meagher & Flom LLP advisor

"Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Brookfield"

high quality Enriched Feb 19, 2026

Timeline

Announced

May 8, 2024

Signed

Feb 2, 2023

Closed

Get the full picture — timeline, source intelligence, and counterpart analysis.

Source

www.prnewswire.com

View Full Deal Details

FirstEnergy to Sell Remaining 19.9% Stake in FirstEnergy Transmission, LLC to Brookfield Super-Core Infrastructure Partners

Counterparts (3)

Source Intelligence

Timeline

Source

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