14:47:38 EDT Thu 08 Jun 2023
Enter Symbol
or Name

Brookfield Asset Management Inc
Symbol BAM
Shares Issued 412,201,980
Close 2023-02-06 C$ 45.08
Recent Sedar Documents

Globe says Brookfield Asset keen for electricity player

2023-02-06 07:50 ET - In the News

The Globe and Mail reports in its Saturday edition that the infrastructure arm of Brookfield Asset Management is boosting its stake in utility provider FirstEnergy's transmission unit with an all-cash deal worth $3.5-billion, building on an initial investment last year that has done well as inflation spiked (all figures U.S.). The Globe's James Bradshaw writes that Brookfield Super-Core Infrastructure Partners is buying a further 30-per-cent ownership interest in FirstEnergy Transmission LLC. In 2022, Brookfield paid $2.4-billion to buy a 19.9-per-cent interest in FirstEnergy Transmission, a holding company for three subsidiaries that operate transmission utilities -- including nearly 39,000 kilometres of power lines connecting the U.S. Midwest to the mid-Atlantic. The deal is expected to close early 2024, at which point Brookfield will own 49.9 per cent of FirstEnergy Transmission with a total investment of $5.9-billion. The Ohio-based parent company, FirstEnergy, will still be the majority owner in charge of operating the business. The Globe notes that utility companies are attractive to investors such as Brookfield because they are resilient businesses that generate stable cash flows, even when markets are volatile.

© 2023 Canjex Publishing Ltd. All rights reserved.