In part of the bid to support its capital growth program, FirstEnergy Corp. (NYSE: FE), on May 31st, 2022, announced the completion of the sale of 19.9% minority equity stake of its subsidiary, FirstEnergy Transmission, LLC (FET), to Brookfield Super-Core Infrastructure Partners for $2.375 billion. In the sale, FirstEnergy will retain an 80.1% equity interest in FET, and FirstEnergy’s workforce will be the human resources in charge of maintaining and operating the company’s transmission system.
It should be recalled that FirstEnergy initially announced the agreement with Brookfield in November 2021. In the announcement, FirstEnergy also revealed ...
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FirstEnergy Completes Sale of Its Subsidiary in Transmission Business to Brookfield Super-Core Infrastructure Partners