CHICAGO and WASHINGTON, D.C. (Nov. 21, 2014) - The Federal Energy Regulatory Commission (FERC) yesterday approved the proposed merger of Exelon Corporation (NYSE: EXC) and Pepco Holdings Inc. (NYSE: POM). The companies announced their proposed merger on April 30.
The combination of the companies will bring together Exelon's three electric and gas utilities - BGE, ComEd and PECO - and Pepco Holdings' (PHI's) three electric and gas utilities - Atlantic City Electric, Delmarva Power and Pepco - to create the leading mid-Atlantic electric and gas utility.
"We are pleased that FERC has approved our merger with PHI," said Chris Crane, Exelon president and CEO. "FERC's approval is another step forward toward completing this transaction."
"This approval is further momentum toward uniting our two companies," said Joseph M. Rigby, PHI chairman, president and CEO. "Together, we will bring substantial benefits to our customers and the communities we serve."
The companies have already made transaction-related filings with the Delaware Public Service Commission, Public Service Commission of the District of Columbia, New Jersey Board of Public Utilities and Maryland Public Service Commission. The transaction is also subject to the notification and reporting requirements under the Hart-Scott-Rodino Act and other customary closing conditions.
The transaction was approved by the Virginia State Corporation Commission in October and by PHI stockholders in September. The companies anticipate completing the merger in the second or third quarter of 2015. For more information about the merger, visit www.phitomorrow.com.