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FirstEnergy and Allegheny Energy to Combine in $8.5 Billion Transaction

February 11, 2010

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(Washington, D.C.) – FirstEnergy (NYSE: FE) and Allegheny Energy, Inc. (NYSE: AYE) today announced that the companies will combine in a stock-for-stock transaction valued at $8.5 billion, creating a leading regional energy provider with approximately $16 billion in annual revenues and $1.4 billion in annual net income.

FirstEnergy Executive Vice President and General Counsel Leila L. Vespoli and Vice President, Legal Robert P. Reffner were assisted in the transaction by Akin Gump Strauss Hauer & Feld LLP corporate partners Rick L. Burdick, Zachary N. Wittenberg and Elisabeth Cappuyns and counsel Daniel I. Fisher.  The Akin Gump team also included antitrust partners Paul B. Hewitt and Anthony W. Swisher; regulatory partner G. Philip Nowak; litigation partners James P. Tuite and C. Fairley Spillman; employee benefits partner Bruce E. Simonetti and counsel Austin S. Lilling; environmental partners Paul E. Gutermann and David H. Quigley; tax partner Patrick B. Fenn; and finance partner Lucas F. Torres. 

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers more than 800 lawyers in the United States, Europe, Asia and the Middle East.

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