Constellation to Acquire Retail Electricity and Natural Gas Business

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Constellation, a subsidiary of Exelon Corp. (NYSE: EXC), signed a definitive agreement with a unit of Consolidated Edison (NYSE: ED) to acquire its retail electricity and natural gas business.

Constellation will acquire the customer contracts and associated supply contracts from ConEdison Solutions’ electricity and natural gas unit headquartered in Valhalla, New York. The unit serves more than 560,000 commercial, industrial, public sector and residential customers across 12 Northeastern, mid-Atlantic, and Midwestern states, Texas, and the District of Columbia. The business employs 85 workers and is the 13th largest commercial and industrial and 16th largest residential electricity retailer in the U.S.

The business will operate under the Constellation brand after the deal closes in late 2016. UBS Investment Bank is acting as financial advisor to ConEdison Solutions.