FirstEnergy leaves power generation business, gets $2.5 billion

FirstEnergy‘s efforts to leave the competitive power generation business got a boost in the form of a $2.5 billion investment.

In return, the investors will receive $1.62 billion in mandatory convertible preferred equity and $850 million of common equity.

According to the Pittsburgh Post-Gazette, contributors include Elliott Management, Bluescape, GIC and Zimmer Partners LP.

“We are pleased that these premier investors are demonstrating confidence in our plan to transform FirstEnergy into a fully regulated utility,” said Charles E. Jones, president and chief executive officer of FirstEnergy, said in a statement.

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