Constellation Acquires Integrys Energy Services
Exelon is purchasing Integrys Energy Services, a competitive retail electricity and natural gas subsidiary serving about 1.2 million commercial, industrial, public sector and residential customers across 22 Midwest, mid-Atlantic and Northeastern states and the District of Columbia. Integrys will become part of Exelon’s Constellation business unit, strengthening Constellation’s retail power and gas business, serving about 2.5 million residential and business customers across the continental United States.
Exelon will pay $60 million for the Integrys retail operations, plus adjusted net working capital at the time of closing. Integrys Energy Services had adjusted working capital of about $183 million as of May 31, 2014. The transaction does not include Integrys’ energy assets – primarily solar – which will remain a part of Integrys Energy Group.
Exelon says Integrys’ geographic footprint is a perfect strategic fit for Constellation.
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, 2014, announcement of a definitive agreement between Wisconsin Energy Corp. and Integrys, where Wisconsin Energy would acquire Integrys Energy Group in a stock and cash transaction valued at $9.1 billion.
Integrys Energy Services will operate under the Constellation brand after the transaction closes.
The companies expect to close in fourth quarter 2014 or first quarter 2015, subject to customary approvals.
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