---
schema_version: "secwatch.filing_event.v1"
accession: "0001031296-23-000007"
form_type: "8-K"
ticker: "FE"
cik: "0001031296"
company_name: "FIRSTENERGY CORP"
filed_at: "2023-02-03T23:59:59+00:00"
generated_at: "2026-06-20T00:47:35.776381+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# FirstEnergy sells additional 30% stake in transmission unit to Brookfield for $3.5B

## Summary
- Brookfield increases FET ownership from 19.9% to 49.9%; FirstEnergy retains 50.1% and sole operator role.
- Purchase price: $1.75B cash at close + $1.75B vendor takeback note (5.75% coupon, 18-month maturity).
- Transaction valued at ~39x LTM P/E; implied FE equity equivalent of ~$93/share.
- FirstEnergy expects ~$750M non-cash GAAP charge in 2022 from deferred tax gain on prior 19.9% sale.
- 2021-2025 capital plan raised ~$1B to ~$18B; targeting 14-15% FFO/debt ratio by early 2024.

## SEC filing metadata
- accession: 0001031296-23-000007
- form_type: 8-K
- ticker: FE
- cik: 0001031296
- company_name: FIRSTENERGY CORP
- filed_at: 2023-02-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1031296/000103129623000007/0001031296-23-000007-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1031296/000103129623000007/fe-20230202.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001031296-23-000007
- JSON: https://secwatch.observer/filing/0001031296-23-000007.json
- Plain text: https://secwatch.observer/filing/0001031296-23-000007.txt

## Key facts
- Material Agreements
  FIRSTENERGY CORP entered into Purchase Agreement with North American Transmission Company II L.P., Brookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., Brookfield Super-Core Infrastructure Partners (ER) SCSp, and North American Transmission FinCo L.P. valued at $3.5 billion (effective 2023-02-02).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: North American Transmission Company II L.P., Brookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P., Brookfield Super-Core Infrastructure Partners (ER) SCSp, and North American Transmission FinCo L.P.
  - Value: $3.5 billion
  - Effective: 2023-02-02
  source text: On February 2, 2023, FirstEnergy Corp. (“FirstEnergy”), along with FirstEnergy Transmission, LLC, a majority-owned subsidiary of FirstEnergy that primarily owns controlling equity interests of certain of FirstEnergy’s transmission assets (“FET”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with North American Transmission Company II L.P. (“Investor”), FirstEnergy’s existing joint venture partner in FET and a controlled investment vehicle entity of Brookfield Infrastructure Partners, an experienced investor in U.S. infrastructure (“Brookfield”), Brookfield Super-Core Infrastructure Partners L.P., Brookfield Super-Core Infrastructure Partners (NUS) L.P. and Brookfield Super-Core Infrastructure Partners (ER) SCSp, as guarantors of Investor’s obligations and liabilities thereunder, and, for the limited purposes described therein, North American Transmission FinCo L.P., pursuant to which FirstEnergy agreed to sell to Investor at the closing (the “Closing”), and Inv
  evidence_url: https://www.sec.gov/Archives/edgar/data/1031296/000103129623000007/0001031296-23-000007-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.