FirstEnergy (FE) Closes Sale of 30% Stake in FET to Brookfield [Yahoo! Finance]
FirstEnergy Corp. (FE)
Last firstenergy corp. earnings: 4/23 04:20 pm
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Source: Yahoo! Finance
Transmission, LLC (“FET”) subsidiary to Brookfield Super-Core Infrastructure Partners (Brookfield). The transaction, worth $3.5 billion, should enable First Energy to make significant investments to boost its infrastructure, as well as customer reliability through delivering safe and resilient energy. This transaction follows Brookfield's purchase of a 19.9% ownership interest in FET for $2.4 billion in 2022. Upon closing, FirstEnergy will have completed approximately $7 billion in strategic equity financings at an equivalent share price of $87 per share, or 36x trailing 12-month price-to-earnings valuation since late 2021. FE's Focus on Infrastructure FirstEnergy received $2.3 billion of cash proceeds at the closing of the recent deal, 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. The proceeds from the transaction will be utilized to bolster FirstEnergy's balance sheet and support its five-ye
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FE
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- 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