Exelon, Pepco Holdings File for Merger Approval
Exelon and Pepco Holdings filed applications seeking approval of their proposed merger with the Delaware Public Service Commission, the Public Service Commission of the District of Columbia and the New Jersey Board of Public Utilities. The companies announced their proposed merger on April 30. The companies filed the merger applications on June 18.
The combination of the companies will bring together Exelon’s three electric and gas utilities—BGE, ComEd and PECO—and Pepco Holding’s three electric and gas utilities—Atlantic City Electric, Delmarva Power and Pepco—to create the leading mid-Atlantic electric and gas utility.
The submission of the filings initiates the regulatory approval process in Delaware, the District of Columbia and New Jersey.
The companies have already made transaction-related filings with the Federal Energy Regulatory Commission and the Virginia State Corporation Commission. The transaction is subject to the notification and reporting requirements under the Hart-Scott-Rodino Act and other customary closing conditions.
The transaction also requires the approval of Pepco Holdings’ stockholders. The companies plan to file for merger approval with the Maryland Public Service Commission in August, which will still allows for the anticipated completion of the merger in the second or third quarter of 2015.
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