FirstEnergy closes $3.5B sale of additional 30% stake in FET to Brookfield

FIRSTENERGY CORP

Received $2.3B cash at closing; $1.2B in notes due by end of 2024.
Brookfield's total stake in FET rises to 49.9%; FirstEnergy retains 50.1%.
Proceeds to strengthen balance sheet and support $26B Energize365 grid plan.
Total equity financings since 2021: ~$7B at $87/share equivalent (36x P/E).
New LLC agreement gives Brookfield board seats and expanded veto rights.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRSTENERGY CORP entered into Fourth Amended and Restated Limited Liability Company Agreement of FET 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 (effective 2024-03-25).

Action: entry
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
Effective: 2024-03-25

Exact text from the filing

On March 25, 2024, pursuant to the terms of the Purchase Agreement and in connection with the Closing, FirstEnergy and FET entered into a Fourth Amended and Restated Limited Liability Company Agreement of FET (the “Fourth LLC Agreement”) with Investor which amends and restates in its entirety the Third Amended and Restated Limited Liability Company Agreement dated as of May 31, 2022

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Source: SEC EDGAR

accession 0001031296-24-000018

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