FirstEnergy Closes on $3.5 Billion FirstEnergy Transmission, LLC 30% Interest Sale [Yahoo! Finance]
FirstEnergy Corp. (FE)
Last firstenergy corp. earnings: 4/23 04:20 pm
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Source: Yahoo! Finance
AKRON, Ohio March 25, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) announced today it has completed the previously disclosed sale of an additional 30% ownership interest in its FirstEnergy Transmission, LLC (FET) subsidiary to Brookfield Super-Core Infrastructure Partners ( Brookfield ) for $3.5 billion FirstEnergy received $2.3 billion of cash proceeds at closing, with the remaining $1.2 billion in interest-bearing notes due from Brookfield , which are expected to be paid off by the end of 2024. Proceeds from the transaction will be used to further strengthen FirstEnergy's balance sheet and support its five-year, $26 billion Energize365 grid investment program. This transaction follows Brookfield's purchase of a 19.9% ownership interest in FET for $2.4 billion in 2022 and, with its closing, FirstEnergy will have completed approximately $7 billion in strategic equity financings at an equivalent share price of per share, or 36x trailing 12-month price-to-earnings valuation si
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Earnings
- 4/25/24 - Beat
FE
Sec Filings
- 4/25/24 - Form 10-Q
- 4/25/24 - Form 8-K
- 4/3/24 - Form 4
- FE's page on the SEC website