Jun. 24, 2015, 4:47 PM
- Wisconsin Energy's (NYSE:WEC) planned acquisition of Integrys Energy (NYSE:TEG) wins approval from the Illinois Commerce Commission, the final regulatory decision needed to complete the $9.1B takeover.
- The approval is conditional on more than 40 items being met, including a two-year rate freeze for consumers and continued oversight of the troubled program by Peoples Gas to replace ~2K miles of aging pipes under Chicago streets.
- Wisconsin, Michigan and Minnesota regulators already approved the deal.
Jun. 12, 2015, 4:53 PM
- The Minnesota Public Utilities Commission approves Wisconsin Energy's (NYSE:WEC) $9B purchase of Integrys Energy (NYSE:TEG), and declines to require that Minnesota utility customers be awarded bill refunds or credits proposed by the state attorney general's office.
- WEC has now received approval from utility regulators in Wisconsin, Michigan and Minnesota as well as several federal agencies, and the deal needs one more yes vote - in Illinois - to be completed, where the AG is expected to argue next week that the merger should not be approved unless the state takes more steps to protect Chicago residents in light of a multibillion-dollar gas main replacement project there.
May 21, 2015, 4:47 PM
- Wisconsin's Public Service Commission gives formal approval for Wisconsin Energy's (NYSE:WEC) $9.1B acquisition of Integrys (NYSE:TEG), with some conditions.
- With today's approval and last month's OK from the Michigan Public Service Commission, only Illinois and Minnesota state approvals remain outstanding.
- The deal would create one of the largest natural gas utilities in the U.S., expanding the Wisconsin-focused utility's presence in Michigan and allowing it to enter Illinois and Minnesota.
Jan. 13, 2015, 5:34 PM
- Wisconsin Energy (NYSE:WEC) will sell its Upper Peninsula power plant and Michigan utility business under an agreement announced today by the Michigan governor's office, clearing a hurdle for WEC to pursue its $9.1B acquisition of Integrys Energy (NYSE:TEG).
- WEC would sell its Upper Peninsula utility business to Upper Peninsula Power Co., including the coal-fired power plant it operates on Lake Superior in Marquette, Mich., while retaining 10 hydroelectric dams but selling its utility operations to UPPCo.
- Other elements of the plan call for Cliffs Natural Resources (NYSE:CLF), the operator of two iron ore mines in the Upper Peninsula, to buy power from UPPCo until the Presque Isle coal plant shuts down in about five years.
Jul. 30, 2014, 9:19 AM
- Exelon (NYSE:EXC) agrees to acquire the retail electricity arm of Integrys Energy (NYSE: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.
Jun. 23, 2014, 7:16 AM| Jun. 23, 2014, 7:16 AM | 7 Comments
Oct. 1, 2012, 8:23 AM
Integrys Energy (TEG) subsidiary Wisconsin Public Service agrees to buy Fox Energy for $440M.The purchase includes $390M for the Fox Energy Center, a 593-mw combined cycle generating facility in Kaukauna, WI. TEG says the deal will add diversity to its generation fleet, and enhance supply and pricing options.| Oct. 1, 2012, 8:23 AM
Sep. 1, 2011, 8:58 AM
Integrys Energy (TEG) announces the acquisition of two natural gas companies in all-cash deals. The firm's CEO says the move will help Integrys enter the CNG fueling marketplace and is "complementary" to its skillset in regulated and non-regulated markets. Financial details were not disclosed.| Sep. 1, 2011, 8:58 AM