FirstEnergy Selling Transmission Stake to Brookfield for $2.4 Billion

Utility company FirstEnergy  (FE) – Get FirstEnergy Corp. Report is selling a near 20% stake in its transmission business to Brookfield Asset Management for $2.4 billion.

The Akon, Ohio-based company in a Sunday statement announced the transaction, as well as a separate agreement to issue $1 billion in common stock to Blackstone Infrastructure Partners at $39.08 a share to support FirstEnergy’s smart grid and clean energy transition initiatives.

The deals raise $3.4 billion in equity proceeds to strengthen FirstEnergy’s financial position, capitalize on incremental investment opportunities and address all equity plans, the company said in the statement.

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