These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. These statements include declarations regarding management's intents, beliefs and current expectations. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. įorward-Looking Statements: This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on information currently available to management. Follow FirstEnergy on Twitter online at Additional information about the transaction can be found on our Investor Information website. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Brookfield.įirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Jones Day is serving as legal advisor to FirstEnergy. Moelis & Company LLC is serving as financial advisor and provided a fairness opinion to the FirstEnergy Board of Directors. Morgan Securities LLC is serving as lead financial advisor and Citigroup Global Markets is serving as financial advisor to FirstEnergy for this transaction. The transaction is expected to close by early 2024, subject to customary closing conditions, including receiving applicable regulatory approvals and clearances. "This is a very attractive opportunity that firmly aligns with BSIP's strategy of investing in high quality, resilient businesses that combine growth and defensive characteristics to generate stable cash flows across market cycles." "This additional investment in FirstEnergy Transmission demonstrates our commitment to building strong partnerships with premier infrastructure asset owners and operators, like FirstEnergy, that share our focus on long-term value creation," said Eduardo Salgado, Managing Partner in Brookfield's Infrastructure Group and head of Brookfield Super-Core Infrastructure Partners (BSIP). It positions FirstEnergy to drive value for shareholders as we further optimize our financial position and plan for additional smart grid and clean energy investments in our regulated transmission and distribution businesses." "This agreement efficiently raises capital at an attractive valuation and speaks to the strength and potential of our regulated growth strategies. Somerhalder, FirstEnergy's board chair, interim president and chief executive officer. "We are pleased to expand our partnership with Brookfield, one of the world's largest and most respected infrastructure investors," said John W. ![]() FirstEnergy will retain nearly 70% of its overall regulated transmission portfolio. Upon closing of the transaction announced today, FirstEnergy will remain the majority owner of FET, and FirstEnergy's workforce will continue to operate the business. In May 2022, FirstEnergy completed the sale of a 19.9% non-controlling interest in FET to Brookfield. ![]() FirstEnergy also owns transmission assets in New Jersey, Pennsylvania, West Virginia and Maryland that are not part of FET. ![]() Logo (PRNewsfoto/FirstEnergy Corp.)įET is the holding company for three of FirstEnergy's FERC-regulated transmission utility subsidiaries: American Transmission Systems, Incorporated (ATSI) Mid-Atlantic Interstate Transmission, LLC (MAIT) and Trans-Allegheny Interstate Line Company (TrAILCo) – which comprise one of the largest transmission systems in PJM.
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