Exelon, Constellation Energy to merge

Illinois-based Exelon has announced it will buy power generator Constellation Energy in a $7.9 billion stock-swap deal.

Maryland-based Constellation’s 12,000-MW generation portfolio includes approximately 1,000 MW of renewable power generation owned or under contract from sources, including utility-scale hydro, solar, wind and biomass power plants.

Constellation owns the 278-MW Safe Harbor hydroelectric facility in Pennsylvania and the 16-MW Malacha hydro plant in California.

Exelon’s generation portfolio includes the nation’s largest nuclear fleet as well as a wide range of company-owned fossil, hydroelectric and renewable facilities.

The deal would create a power generator and distributor serving 38 of the country’s 50 states, as well as two Canadian provinces, with more than half of its 34,000 MW of capacity coming from nuclear power, a press release states.

The stock-for-stock deal would reward Constellation shareholders with a roughly 18 percent premium on their company’s average share price over the past month. 

Current Exelon shareholders would control 78 percent and Constellation shareholders, 22 percent, of the combined company, which would have a market value of $34 billion.

The new company will be called Exelon and will be based in Exelon’s current Chicago headquarters.

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