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.
