- 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.