Elawan bags Google PPA for 37-MW solar project in Texas
Sep 19, 2024 13:49 CEST(ADPnews) - Apr 28, 2011 - US utility Exelon Corp (NYSE:EXC) and US electricity producer and trader Constellation Energy (NYSE:CEG) today announced they had agreed to merge in an all-stock deal.
Under the contract, each Constellation share held will be exchanged for 0.930 Exelon shares. Constellation shareholders will receive USD 7.9 billion (EUR 5.3bn) in total equity value, or USD 38.69 per share, based on Exelon's closing price on April 27.
Exelon shareholders will own 78% of the merged company and Constellation shareholders will own the remaining 22%.
The new entity will retain Exelon name and will combine Exelon's clean energy generation fleet with Constellation's power sales and marketing business. The company will have a market capitalization of USD 34 billion and an enterprise value of USD 52 billion.
The transaction is seen to be break-even to Exelon's adjusted earnings in 2012 and 5% accretive to earnings in 2013.
The deal depends on the approval of the two companies' shareholders, regulatory approvals and other customary closing conditions.
Closing of the merger is expected at the beginning of 2012.
(USD 1.0 = EUR 0.673)
Elawan bags Google PPA for 37-MW solar project in Texas
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