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Stock Market & Financial Investment News

News Breaks
July 30, 2014
08:04 EDTEXC, TEGExelon acquires Integrys Energy unit for $60M
Exelon (EXC) and Integrys Energy (TEG) announced they have entered into a definitive agreement for Exelon to purchase Integrys Energy Services. Integrys Energy Services will become part of Exelonís Constellation business unit, strengthening Constellationís retail power and gas business, serving approximately 2.5M residential and business customers across the continental U.S. Exelon will pay $60M for the Integrys retail operations, plus adjusted net working capital at the time of closing. Integrys Energy Services had adjusted working capital of about $183M as of May 31. The transaction does not include Integrysí energy assets, primarily solar, which will remain a part of Integrys Energy Group. Integrys said that it was in the late stages of a competitive process to divest its electric and natural gas retail marketing businesses as part of a June 23 news release announcing a definitive agreement between Wisconsin Energy and Integrys, where Wisconsin Energy would acquire Integrys Energy Group in a stock and cash transaction valued at $9.1B. Integrys Energy Services will operate under the Constellation brand after the transaction closes. Residential and commercial customers of Integrys will experience no disruption to service as a result of the transaction and all existing customer contracts will be honored. This includes Integrysí municipal electricity aggregation contract with the City of Chicago. The contract is currently scheduled to expire in May 2015. The transaction is conditioned on approval by the Federal Energy Regulatory Commission and is subject to the notification and reporting requirements under the Hart-Scott-Rodino Act. The companies expect to close in 4Q14 or 1Q15.
News For EXC;TEG From The Last 14 Days
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January 22, 2015
15:27 EDTEXCConstellation awarded Port Authority of NY/NJ contract $25.8M efficiency upgrade
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January 20, 2015
09:04 EDTEXCConstellation acquires seven fueling stations in midwest
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05:38 EDTEXCExelon upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Exelon to Outperform citing an attractive risk/reward ahead of likely reforms in the capacity market. Wells expects reforms to positively impact the value of ExGenís 19 GW nuclear fleet. It raised its price target range for shares to $43-$44 from $41-$42.

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