Benzinga | Nov 8, 2021 06:59AM EST

FirstEnergy Earlier Announced Transformative $3.4B Of Equity Financings, Introduces Long-Term Earnings Growth Rate Of 6-8%

Blackstone Infrastructure Partners to invest $1 billion in common equity at $39.08 per share to support FirstEnergy's smart grid and clean energy transition initiatives

Brookfield Super-Core Infrastructure Partners to acquire 19.9% minority interest in FirstEnergy Transmission, LLC (FET) for $2.4 billion, representing 40x LTM P/E

Implies blended equity issuance price valuation of 33x LTM earnings

Addresses all equity plans and supports incremental investment opportunities

Provides 2022 earnings guidance range of $2.30 to $2.50 per share and introduces long-term EPS growth rate and additional forward-looking projections