Exelon completes Constellation Energy takeover
by The Canadian Press
Exelon buys Constellation Energy for US$7.9 billion.
CHICAGO—Exelon Corp., says it has completed its US$7.9 billion takeover of Constellation Energy, creating one of the largest competitive power suppliers in the United States.
The acquisition was effective Monday. Christopher Crane became the combined company’s president and CEO, while Mayo Shattuck III became executive chairman.
Exelon said its name remains the same and the company is still based in Chicago, Ill., with significant operations in Maryland, Illinois and Pennsylvania. Constellation Energy shares will cease trading before Tuesday’s market opening.
The addition of Baltimore, Md.-based Constellation gives Exelon a coast-to-coast presence with operations in 47 states, Washington, D.C., and Canada.
The two companies are combining operations immediately. The deal has been approved by the shareholders of both companies and all of the required regulators.
Exelon shares rose US$0.35 to US$39.26 in morning trading.
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