Cases & Deals

FirstEnergy to sell $3.5 billion transmission stake to Brookfield

Client(s) FirstEnergy Corp.

Jones Day is advising 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. Upon the consummation of the transactions, Brookfield’s interest in FET will increase from 19.9% to 49.9%, while FirstEnergy will retain the remaining 50.1% ownership interests of FET.

Closing of the sale to Brookfield and completion of the planned consolidation are both anticipated to occur in 2024, subject to customary regulatory approvals.