FirstEnergy and Allegheny announce $8.5bn merger

Following the transaction, which is expected to close within 12–14 months, shareholders of Ohio-based FirstEnergy will own 73% of the combined organisation, with Allegheny shareholders owning the remaining 27%. It will retain the name FirstEnergy and be headquartered in Akron, Ohio.

In addition to producing a projected $16 billion in annual revenues and $1.4 billion in annual net income, the combination will bring together 10 regulated distribution companies with more than 6 million customers and