A Blackstone subsidiary is free to acquire an almost 20% stake in Northern Indiana Public Service Co. after FERC’s consent.

Blackstone will pick up a nearly 20% stake in Northern Indiana Public Service Co. for a little more than $2 billion, parent NiSource announced Tuesday.

FirstEnergy announced $3.4 billion in new equity financing from two global investors that it believes will position it for long-term EPS growth of 6 to 8%.