Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Pepco Holdings, Inc.    POM

End-of-day quote. End-of-day quote  - 03/23
22.63 USD   +6.54%
03/26 PEPCO : Exelon Closes $6.8 Billion Merger With Pepco Following Thumb..
03/24 PEPCO : Hologic, Centene Set to Join the S&P 500; Others to Join S&P..
03/24 EXELON : closes deal to buy Pepco, creating largest US utility
SummaryQuotesChartsNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Pepco : Exelon Closes $6.8 Billion Merger With Pepco Following Thumbs Up From Regulators

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/26/2016 | 08:05pm CEST

Pepco Holdings Inc. and Exelon Corporation have closed a deal worth $6.8 billion post getting a green signal for the merger from the Public Service Commission of the District of Columbia.

On Wednesday, the transaction was completed, which now allows Exelon and Pepco to create the biggest power distributor in the U.S.

The regulators voted 2 to 1 in favor of the merger after both Pepco Holdings and Exelon agreed to the demands for concession made by city leaders.

The merger brings together ComEd, BGE and PECO - which are Exelon's electric and gas utilities - and Delmarva Power, Pepco and Atlantic City Electric (gas and electric utilities belonging to Pepco Holdings) to result in the creation of the biggest mid-Atlantic electric and gas utility company.

"We've made a number of commitments to customers in all of the Pepco Holdings utilities' jurisdictions - the District, Maryland, Delaware and New Jersey - and we look forward to getting to work to deliver those benefits to our customers and communities," said Chris Crane, Exelon's CEO and President.

For the unfamiliar, the merger was initially announced in April 2014. It was approved by state utility commissions, as well as the U.S. Federal Energy regulatory Commission. However, in August 2015, the Washington D.C. Public Service Commission rejected the deal.

The Commission, however, relented to reconsider its decision when Exelon pledged that it will look to increase the planned investment from $14 million to $78 million in the district. Exelon also came to an agreement with Washington agencies and Mayor Muriel Bowser on the allocation of the funds. This was inclusive of the protections for local ratepayers residing in the district.

Pepco Holdings joins the Exelon group of companies post the merger. While Pepco Holdings has 2 million customers in Delaware, Maryland, District of Columbia and New Jersey, Exelon serves 7.8 million people in Pennsylvania, Maryland and Illinois.

Exelon's CEO Chris Crane will continue to essay the same role, whereas Pepco Holdings' CEO Joseph Rigby will retire as an officer for the latter. Assuming the roles of CEO and president for Pepco Holdings is David M. Velazquez, who takes over Rigby's duties.

Pepco Holdings' Delmarva Power, Pepco and Atlantic City will stay separate entities and keep their local headquarters. Owing to the merger, the trading of Pepco Holdings' common stock on the NSE will get suspended from March 24, 2016. The shares will not be listed on the NSE anymore. Stockholders of Pepco Holdings will get $27.25 for each share they own.

(c) 2016 Mehr News Agency Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on PEPCO HOLDINGS, INC.
03/26 PEPCO : Exelon Closes $6.8 Billion Merger With Pepco Following Thumbs Up From Re..
03/24 PEPCO : Hologic, Centene Set to Join the S&P 500; Others to Join S&P MidCap 400 ..
03/24 EXELON : closes deal to buy Pepco, creating largest US utility
03/24 EXELON : Pepco close merger deal after regulator nod
03/24 PEPCO : Completion of Acquisition or Disposition of Assets, Material Modificatio..
03/24 BALTIMORE GAS AND ELECTRIC : BGE owner Exelon closes $6.9 billion deal to buy Pe..
03/24 Pepco, Exelon close deal after getting final approval
03/24 BALTIMORE GAS AND ELECTRIC : BGE owner Exelon closes $6.9B deal to buy Pepco
03/23DJDistrict of Columbia Approves Exelon-Pepco Merger -- 2nd Update
03/23 PEPCO : and Exelon Close Merger Following Approval by the Public Service Commiss..
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials