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Direct Investment  + Alternative Assets  + M&As  + Real Assets  |  February 8, 2023
First Energy to Sell 30% Stake in Transmissions Unit to Brookfield for $3.5B
Joe Palmisano
By: Joe Palmisano

First Energy to Sell 30% Stake in Transmission Unit to Brookfield for $3.5B

Energy utility FirstEnergy Corp. has agreed to sell an additional 30% stake in its FirstEnergy Transmission (FET) business to Brookfield Super-Core Infrastructure Partners, an affiliate of Brookfield Asset Management, for $3.5 billion in cash.

FirstEnergy completed the sale of a 19.9% non-controlling interest in FET to Brookfield in May 2022. The company will remain the majority stakeholder in FET and retain nearly 70% of its overall regulated transmission portfolio.

FET is the holding company for FirstEnergy’s three FERC-regulated transmission utility subsidiaries, including American Transmission Systems, Mid-Atlantic Interstate Transmission and Trans-Allegheny Interstate Line Company.

The Akron, OH-based company also owns transmission assets in New Jersey, Pennsylvania, West Virginia and Maryland that are not part of FET.

The transaction is expected to close in early 2024.

J. P. Morgan Securities LLC is serving as lead financial advisor and Citigroup Global Markets is serving as financial advisor to FirstEnergy.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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