Cases & Deals

FirstEnergy sells $3.5 billion transmission stake to Brookfield

Client(s) FirstEnergy Corp.

Jones Day advised FirstEnergy Corp. in the $3.5 billion sale of an additional 30.0% equity stake in its subsidiary FirstEnergy Transmission (“FET”), the holding company for FirstEnergy’s three regulated electric transmission businesses, to North American Transmission Company II L.P., FirstEnergy’s existing joint venture partner in FET and a controlled investment vehicle entity of Brookfield Infrastructure Partners. Brookfield’s interest in FET has now increased from 19.9% to 49.9%, while FirstEnergy retained the remaining 50.1% ownership interests of FET.