GIC backs $2.5b investment in NYSE-listed FirstEnergy Corp

GIC backs $2.5b investment in NYSE-listed FirstEnergy Corp

Image from pixabay.

Electric utility FirstEnergy Corp, which is listed on the New York Stock Exchange (NYSE), has received a $2.5-billion equity investment from a group of fund managers that includes Singapore’s sovereign wealth fund GIC as well as Elliott Management Corp, the company announced in a press release.

Other investors participating in the investment, which includes $1.62 billion in mandatory convertible preferred equity and $850 million of common equity, are investment firm Bluescape and Zimmer Partners. Moelis & Co LLC was FirstEnergy’s financial adviser and Jones Day its legal adviser, while Ropes & Gray served as Elliott’s legal adviser for the transaction.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter