Brookfield Super-Core Infrastructure Partners L.P., managed by Brookfield Corporation (TSX:BN) entered into a definitive agreement to acquire an additional 30% stake in FirstEnergy Transmission, LLC (FET) from FirstEnergy Corp. (NYSE:FE) for $3.5 billion on February 2, 2023. The purchase price will be payable in part by the issuance of a promissory note expected to be in the principal amount of $1.75 billion. The remaining $1.75 billion of the purchase price will be payable in cash at the closing. Upon closing of the transaction, FirstEnergy will remain the majority owner of FET, and FirstEnergy's workforce will continue to operate the business. As a result of the consummation of the transaction, Brookfield?s interest in FET will increase from 19.9 % to 49.9 %, while FE will retain the remaining 50.1 % ownership interests of FET. As on October 20, 2023, FirstEnergy Transmission, LLC entered into credit agreement with JPMorgan Chase Bank, N.A. pursuant to which, JPMorgan Chase Bank, PNC Capital Markets, LLC, Barclays PLC, BofA Securities, Inc, RBC Capital Markets, Mizuho Bank, LTD., CITI Bank, N.A., Morgan Stanley Senior Funding, Inc. and The Bank of Nova Scotia as lead arrangers will provide $1 billion to FET, all of which may be used for general corporate purposes and $100 million of which may be used for the issuance of Letters of Credit.

The transaction is subject to customary closing conditions, including receiving applicable regulatory approvals and clearances from the FERC and certain state utility commissions, and completion of review by the CFIUS. Upon closing of the transaction, proceeds from the $3.5 billion all-cash deal will further strengthen FirstEnergy Corp.'s financial position and support its goal to be a premier utility with sustainable, long-term growth as it enables the clean energy transition. On May 5, 2023, FirstEnergy and Brookfield submitted applications to FERC and to the PPUC to facilitate the FET Minority Equity Interest Sale. On May 12, 2023, the parties also filed an application with the VSCC, which was approved on June 20, 2023. As on August 14, 2023, approval from the FERC, was received. The transaction is expected to close by early 2024.

J. P. Morgan Securities LLC is serving as lead financial advisor and Citigroup Global Markets is serving as financial advisor to FirstEnergy for this transaction. Moelis & Company LLC is serving as financial advisor and provided a fairness opinion to the FirstEnergy Board of Directors. Peter Izanec and George Hunter of Jones Day is serving as legal advisors to FirstEnergy. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Brookfield.

Brookfield Super-Core Infrastructure Partners L.P., managed by Brookfield Corporation (TSX:BN), completed the acquisition of an additional 30% stake in FirstEnergy Transmission, LLC from FirstEnergy Corp. (NYSE:FE) on March 25, 2024. The purchase price was paid in part by the issuance by NATFinCo to FirstEnergy at the Closing of two promissory notes having an aggregate principal amount of $1.2 billion with (i) one such promissory note having an aggregate principal amount of $750 million, at an interest rate of five and seventy-five hundredths percent (5.75%) per annum, with a maturity date of September 25, 2025 and (ii) one such promissory note having an aggregate principal amount of $450 million, at an interest rate of seven and seventy-five hundredths percent (7.75%) per annum, with a maturity date of December 31, 2024. The remaining $2.3 billion of the purchase price was paid in cash at the Closing.