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Share Name | Share Symbol | Market | Type |
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Exelon Corp | NYSE:EXC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 48.80 | 0 | 01:00:00 |
By Erin McCarthy
Exelon Corp. (EXC) said Wednesday that it would acquire Integrys Energy Services Inc. for $60 million in a bid to reach more customers.
Integrys Energy Services is the retail electricity and natural-gas unit of Integrys Energy Group Inc., with about 1.2 million commercial, industrial, public sector and residential customers across 22 Midwest, mid-Atlantic and Northeastern states, as well as the District of Columbia. Integrys Energy Services will become part of Exelon's Constellation business unit, which has 2.5 million residential and business customers across the U.S., the companies said. At the end of last year, the unit had $2 billion in annual sales.
In addition to the $60 million, Exelon will pay adjusted net working capital at the time of closing. Integrys Energy Services had adjusted working capital of about $183 million as of May 31.
Integrys Energy Group said it was in the late stages of an effort to divest its electric and natural-gas retail-marketing businesses as part of Wisconsin Energy Corp.'s acquisition of the company.
Last month, Wisconsin Energy struck a deal to buy Integrys Energy Group for $5.71 billion in cash and stock. The combined company--which will be called WEC Energy Group Inc.--would be the eighth-largest natural-gas distribution company in the U.S., according to Wisconsin Energy and Integrys. Integrys' energy assets, which are primarly solar, will remain a part of Integrys Energy Group.
"Integrys Energy Services' geographic footprint is a perfect strategic fit for Constellation and will create opportunities to reach more customers and grow the business, particularly in regions where Exelon also owns significant generation assets," said Chris Crane, Exelon president and chief executive.
Integrys Energy Services will operate under the Constellation brand after the deal closes, though its residential and commercial customers won't see any disruptions to service and their existing contracts will be honored, the companies said. The companies expect to close the deal in the fourth quarter or in the first quarter of 2015.
Write to Erin McCarthy at erin.mccarthy@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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