Status: | Clearance |
Acquirer: | Brookfield Infrastructure Partners LP (Canada) |
Acquired: | FirstEnergy Transmission, LLC (U.S.) |
Value: | $2.375 billion |
Industry Tags: | Energy; Regulated Utilities |
On November 6, 2021, FirstEnergy Corp. ("FE"), a public
utility holding company, along with FirstEnergy Transmission
("FET"), LLC, a subsidiary of FE that "owns and
operates transmission facilities," entered into a Purchase and
Sale Agreement, pursuant to which FET agreed to issue and sell to
"North American Transmission Company II LLC, a controlled
investment vehicle entity of Brookfield Infrastructure Partners,"
"certain newly issued membership interests of FET," such
that North American Transmission Company II LLC "will own
19.9% of the issued and outstanding membership interests of FET,
for a purchase price of $2.375 billion." (FirstEnergy Corp. Form 10-K, Feb. 16, 2022, SEC
Filing.) "The transaction is subject to customary closing
conditions, including approval from the FERC and review by the
CFIUS." (Id.) "On April 14, 2022, CFIUS notified
FET and Brookfield that it has determined that there were no
unresolved national security issues and its review of the
transaction was concluded." (FirstEnergy Corp. Form 10-Q, Apr. 21, 2022, SEC
Filing.)
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