Exelon closes deal to buy Pepco, creating largest US utility
NEW YORK (AP) -- Exelon has completed its nearly $7 billion deal to buy Pepco, creating America's largest electric utility company.
The deal closed late Wednesday after the company received approval from its final regulator, almost two years after Exelon first made its offer for Pepco.
The combined company becomes the largest electric utility company in the U.S., based on number of customers, according to the U.S. Energy Information Administration.
Chicago-based Exelon Corp. owns Baltimore Gas and Electric Co., ComEd in Illinois and PECO in Pennsylvania. Pepco Holdings Inc.'s namesake utility powers homes in Maryland and Washington, D.C., where it is headquartered. Pepco also owns Atlantic City Electric in New Jersey and Delmarva Power, which provides electricity in parts of Delaware, Maryland and Virginia.
Exelon now has about 10 million customers, the company said.
Pepco shareholders will receive $27.25 for each share they own. Exelon's CEO Chris Crane will keep his position. Pepco's CEO Joseph Rigby has retired and has been replaced by David Velazquez.
Shares of Exelon Corp. rose 59 cents to $35.31 Thursday.