Exelon to buy Constellation Energy

Exelon to buy Constellation Energy

 Exelon will add 1.2 million customers to its existing 5.4 million. About 55 per cent of the new entity’s power generation fleets will be nuclear, 24 per cent natural gas and 8 per cent renewable and hydro.

Constellation shareholders will receive 0.93 Exelon shares for each share they hold, the companies said. The offer is worth about $38.59 a share. Following completion, Exelon shareholders will own about 78 percent of the combined company, which will be based in Chicago, and should add to Exelon's 2013 earnings by more than 5 percent.

Constellation will add 12,000 megawatts (MW) of generating capacity to Exelon's nearly 32,000 MW.

Exelon Chief Operating Officer Christopher Crane will become the new company's CEO, with Shattuck as executive chairman.

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