Deals

Brookfield Nearing Deal for FirstEnergy Transmission Stake

Investment firm to pay $2.4 billion for a 19.9% stake in unit
Blackstone said to also invest $1 billion in FirstEnergy stock

FirstEnergy Agrees to Purchase Allegheny Energy for $4.7 Billion — Photographer: David Maxwell/Bloomberg

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By Kiel Porter

November 7, 2021 at 4:30 PM UTC

Corrected

November 7, 2021 at 4:59 PM UTC

This article is for subscribers only.

FirstEnergy Corp. is nearing a deal to sell a stake in its transmission businesses to Brookfield Asset Management Inc. for $2.4 billion, according to people familiar with the matter.

The Akron, Ohio-based utility plans to sell a 19.9% stake in FirstEnergy Transmission to Brookfield’s infrastructure group, said the people, who asked not to be identified because they weren’t authorized to speak publicly.