Investor Group Plows $2.5 Billion Into FirstEnergy; 2018 FirstEnergy Solutions Separation Likely
We are reaffirming our $40 per share fair value estimate and narrow moat rating after FirstEnergy announced that a group of prominent investors is making a $2.5 billion equity investment in the company. The investment includes $850 million of equity at $28.22 per share and $1.62 billion of mandatorily convertible preferred equity with a conversion price of $27.42 per share. The preferred shares mandatorily convert in 18 months.The additional equity is in line, although a little earlier and more...
FirstEnergy is a public utility holding company. The company and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. The company's reportable operating segments are comprised of: Regulated Distribution, which distributes electricity through the company's utility operating companies and also controls regulated electric generation capacity located primarily in West Virginia, Virginia and New Jersey; and Regulated Transmission, which provides transmission infrastructure owned and operated by the transmission companies and certain of the company's utilities to transmit electricity from generation sources to distribution facilities.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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