Subscribe to Updates

    Get the latest news from Legacy Medi4!

    Our Picks

    What Is Oil Pulling?

    July 19, 2023

    Top Sweetener Officially Declared a Carcinogen

    July 14, 2023

    Disturbing New Finding Links Cognitive Decline to Dental Hygiene : ScienceAlert

    July 8, 2023

    When the Woods Get Noisy, the Animals Get Nervous

    July 8, 2023
    Facebook Twitter Instagram
    • Privacy Policy
    • Contact Us
    • About Us
    • Disclaimer
    Facebook Twitter Instagram YouTube
    Legacy Medi4Legacy Medi4
    • World News
    • Business
    • Entertainment
    • Health
    • Science
    • Sports
    • Technology
    Legacy Medi4Legacy Medi4
    Home»Business»FirstEnergy to sell additional 30% stake in FET business to Brookfield for $3.5B (NYSE:FE)
    Business

    FirstEnergy to sell additional 30% stake in FET business to Brookfield for $3.5B (NYSE:FE)

    Todd LivingstonBy Todd LivingstonFebruary 2, 2023No Comments1 Min Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    High Voltage Electric Power Lines at Sunset

    imagina/iStock via Getty Images

    First Energy (NYSE: FE) said Thursday it agreed to sell an additional 30% interest in its FirstEnergy Transmission business to affiliates of Brookfield Asset Management (NYSE: BAM) with a net worth of $3.5B.

    FET is a holding company for three of FirstEnergy’s (FE) entities regulated by FERC – American Transmission Systems, Mid-Atlantic Interstate Transmission, and Trans-Allegheny Interstate Line Company – which own one of the largest transmission lines in PJM.

    FirstEnergy (FE) will remain the majority owner of 50.1% of FET after the closing, and FirstEnergy employees will continue to operate the business; Brookfield Super-Core Infrastructure Partners, which bought 19.9% ​​of FET in May, will own 49.9%.

    FirstEnergy ( FE ) said the proceeds will be used to accelerate the restructuring of its debt portfolio, after cutting $2.5B from its debt last year.

    The company also raised its long-term plan for 2021-25 to about $18B, an increase of ~$1.B from the $17B target set in 2021.

    FirstEnergy ( FE ) is poised to deliver solid cash flow over the next few years, despite its relatively high debt, Power Hedge writes in a recent analysis posted on Seeking Alpha.

    Source link

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Todd Livingston

    Related Posts

    Corsair Gaming bumps 3% as holiday quarter tops forecasts (NASDAQ:CRSR)

    February 9, 2023

    META has rallied more than 40% so far in 2023. Is it still a buy here?

    February 9, 2023

    Analysts stay positive on Google AI after historic value wipeout (NASDAQ:GOOGL)

    February 9, 2023

    Leave A Reply Cancel Reply

    Our Picks

    What Is Oil Pulling?

    July 19, 2023

    Top Sweetener Officially Declared a Carcinogen

    July 14, 2023

    Disturbing New Finding Links Cognitive Decline to Dental Hygiene : ScienceAlert

    July 8, 2023

    When the Woods Get Noisy, the Animals Get Nervous

    July 8, 2023

    Subscribe to Updates

    Get the latest news from Legacy Medi4!

    Our Picks

    What Is Oil Pulling?

    July 19, 2023

    Top Sweetener Officially Declared a Carcinogen

    July 14, 2023

    Disturbing New Finding Links Cognitive Decline to Dental Hygiene : ScienceAlert

    July 8, 2023

    Type above and press Enter to search. Press Esc to cancel.