Exelon Buys Integrys Retail For $60M
NEW YORK (AP) — Energy company Exelon said it will buy the retail business of competitor Integrys for $60 million.
The business, called Integrys Energy Services, sells electricity and natural gas to about 1.2 million customers in 22 states and Washington DC. Exelon said the business will become part of its Constellation unit, which has about 2.5 million customers.
The deal doesn't include assets like Integrys' solar energy business.
Exelon Corp., based in Chicago, runs utilities in Maryland, Illinois and Pennsylvania, and its Constellation unit provides energy products and services to homes, businesses and public sector customers.
The company's stock lost 53 cents, or 1.7 percent, to $30.94 in afternoon trading.
Wisconsin Energy Corp. is buying Integrys Energy Group Inc., and the sale of Integrys' retail business is part of that transaction. In June Wisconsin Energy agreed to buy Integrys for about $5.8 billion in cash and stock, or $71.47 per share. The combined company will be called WEC Energy Group, and it will have about 4.3 million gas and electric customers in Wisconsin, Illinois, Michigan and Minnesota.
Shares of Chicago-based Integrys lost $1.50, or 2.2 percent, to $67.53 in afternoon dealings.