Cases & Deals

FirstEnergy sells $2.4 billion minority transmission stake to Brookfield

Clients FirstEnergy Corp.

Jones Day is representing FirstEnergy Corp. in its $2.4 billion sale of a 19.9% equity stake in its subsidiary FirstEnergy Transmission, the holding company for FirstEnergy’s three regulated electric transmission businesses. The transaction represents a record electric utility valuation of 41x LTM P/E. Closing is expected in the first half of 2022.