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Exelon to buy Integrys' retail electricity arm

Jul. 30, 2014 9:19 AM ETExelon Corporation (EXC) StockBy: Carl Surran, SA News Editor
  • Exelon (NASDAQ:EXC) agrees to acquire the retail electricity arm of Integrys Energy (TEG) for $60M, in an attempt to grow its competitive retail energy supply business.
  • Integrys Energy Services, which supplies electricity for 720K Chicago residents, will become part of EXC's Constellation business unit, which would now serve ~2.5M residential and business customers across the U.S.
  • In addition to the $60M, EXC will pay adjusted net working capital at the time of closing; Integrys Energy Services had adjusted working capital of ~$183M as of May 31.
  • The transaction does not include TEG's energy assets, which are primarily solar.

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