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Stock Market & Financial Investment News

News Breaks
July 30, 2014
08:04 EDTTEG, EXCExelon 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 Exelon’s Constellation business unit, strengthening Constellation’s 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 Integrys’ 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 Integrys’ 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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June 29, 2015
10:51 EDTEXCSupreme Court overrules EPA regulations on power plant pollution, The Hill says
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10:37 EDTTEGWisconsin Energy completes acquisition of Integrys
Wisconsin Energy (WEC) announced it has completed the acquisition of Integrys Energy (TEG), forming the WEC Energy Group. The new company will provide electricity and natural gas to 4.4M customers across four states through its customer facing brands. The new dividend level for Wisconsin Energy shareholders – as previously announced – is effective today and represents an increase of 8.3% over the previous quarterly rate. The payout target for the combined company is 65%-70% of earnings. In connection with the acquisition, shares of Integrys common stock will be delisted and cease trading on the New York Stock Exchange before trading opens on June 30. Under the terms of the merger agreement, shareholders of Integrys will receive 1.128 shares of Wisconsin Energy Common stock and $18.58 in cash for each share of Integrys common stock they held immediately prior to the closing of the acquisition.
June 26, 2015
17:18 EDTTEGJ.B. Hunt to replace Integrys Energy in S&P 500 as of 6/30 close
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15:14 EDTTEGWisconsin Energy, Integrys deal to close on June 29
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10:00 EDTEXCConstellation selected by City of Cleveland for electricity supply
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June 24, 2015
13:42 EDTTEGWisconsin Energy says Illinois approves acquisition of Integrys Energy
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June 22, 2015
19:56 EDTEXCUtilities sector dips after EPA warns of 'significant risks' from climate change
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June 18, 2015
08:46 EDTTEGWisconsin Energy upgraded to Buy from Hold at Gabelli
Gabelli upgraded Wisconsin Energy (WEC) to Buy to reflect operational synergies from the Integrys Energy (TEG) merger.

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