DOJ clears Exelon-Constellation merger
The U.S. Department of Justice (DOJ) today cleared the way for the merger of Exelon Corporation and Constellation Energy, in connection with its review of the transaction under the Hart-Scott-Rodino Act.
CHICAGO & BALTIMORE. Dec. 21, 2011—The U.S. Department of Justice (DOJ) today cleared the way for the merger of Exelon Corporation and Constellation Energy, in connection with its review of the transaction under the Hart-Scott-Rodino Act.
The DOJ’s Antitrust Division filed court papers today seeking approval by the U.S. District Court for the
Consistent with Exelon’s merger application to the Federal Energy Regulatory Commission (FERC), in these papers, the company makes a number of commitments to mitigate market power concerns, including: divestiture of certain assets, granting DOJ the right to approve the buyers of those assets, assurances about how the merged company will bid its units into the PJM markets pending divestiture, and deadlines for the sale of those assets.
“With DOJ’s action, we are pleased to have reached yet another important milestone in completing our merger with Constellation,” said Exelon President and COO Christopher M. Crane. “We continue to expect that we will finalize the merger in early 2012.”
“Our proposed merger has cleared two state regulators and the shareholders of both companies, and now the Department of Justice has cleared the way for the transaction,” said Constellation Chairman and CEO Mayo A. Shattuck III. “We’ve made considerable progress toward closing the merger and will continue working to move the process forward as smoothly as possible.”
The merger has been approved by the New York Public Service Commission, the Public Utility Commission of Texas and shareholders of Exelon and Constellation. It also requires regulatory approvals by FERC, the Nuclear Regulatory Commission and the Maryland Public Service Commission.
In a merger settlement with the State of
The Exelon-Constellation merger will combine Exelon’s environmentally advantaged generation fleet with Constellation Energy’s industry-leading customer-facing businesses. The companies announced their agreement to merge on April 28.
About Exelon Corporation
Exelon Corporation is one of the nation’s largest electric utilities with more than $18 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the
About Constellation Energy
Constellation Energy is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental
For the latest information about the Exelon-Constellation merger, visit the merger website: www.exelonconstellationmerger.com