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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