Exelon Corp. (NYSE: EXC) and Integrys Energy Group (NYSE: TEG) have signed a definitive agreement for Exelon to purchase Integrys Energy Services for $60 million plus adjusted net working capital at the time of closing.
Integrys Energy Services will become a part of Exelon’s Constellation business unit. The deal does not include Integrys’ energy assets, primarily solar, which will remain a part of Integrys Energy Group. The company said it was in the late stages of a competitive process to divest its electric and natural gas retail marketing businesses as part of a deal in which Wisconsin Energy Corp. would acquire Integrys Energy Group for $9.1 bilion. The deal is expected to close in late 2014 or early 2015.
Integrys is a competitive retail electricity and natural gas subsidiary serving customers across Midwest, mid-Atlantic and Northeastern states and the District of Columbia.
Subscribe to Power Engineering magazine