Exelon to Merge with Constellation Energy Group

Pages: 6 Published: May 01, 2011 Report Code: GDPE0011M&A

Exelon Corporation (Exelon) has entered into a definitive merger agreement with Constellation Energy (Constellation Energy) to combine the two companies in a stock-for-stock exchange transaction valued at $7,900m. The resulting company will retain the Exelon name and will be headquartered in Chicago. Exelon’s Power team and Constellation Energy’s retail and wholesale businesses will be amalgamated under the Constellation Energy brand and be headquartered in Baltimore. Both the companies’ renewable businesses will also be headquartered in Baltimore. The three utilities of Exelon- BGE, Commonwealth Edison Company (ComEd) and PECO Energy Company (PECO) will remain as independent organizations. The agreement brings the two large companies together, creating a platform for growth and delivering stakeholder benefits. The new amalgamated company will bring a clean power fleet and competitive prices to millions of customers. The most important factor behind the merger of these two companies is the creation of a new company that will evolve as the number one energy provider in the US with market capitalization of $34 billion.

Scope

The information related to Exelon Corporation and Constellation Energy Group, Inc. merger.

Key facts about the deal

Key drivers of the deal

Rationale of the deal

A brief on companies, Constellation Energy Group, Inc. and Exelon Corporation

Reasons to Buy

The Deal Report allows the reader to:

Understand the reasons for the acquisition

Understand the response from the markets

Understand the impact of the deal on Exelon Corporation and Constellation Energy Group, Inc.

Table of Contents

1Table of Contents1

1.1List of Tables1

1.2List of Figures1

2Summary1

3Exelon to Merge with Constellation Energy Group1

3.1Deal Overview1

3.2Deal in Brief1

3.3Key Facts about the Merger2

3.4Comparable Deals2

3.5Key Drivers of the Deal2

3.5.1The New Merger Company will Bring Competitive Prices to Millions of Customers2

3.5.2Expansion of Customer Base for Exelon’s2

3.5.3Incorporation of Customers Centric Model by Constellation Energy3

3.5.4Directly Links Consumers of Electricity and Generation Assets3

3.5.5Leader in the US Commercial and Industrial (C&I) Retailer Landscape3

3.5.6Package of Benefits for the Customers of Maryland, Baltimore and BGE3

3.5.7Creating the Number One Competitive Energy Provider3

3.5.8Cleanest Power Generation Fleet Resulting in Long-Term Value in Competitive Markets4

3.5.9Strategic and Financial Returns4

3.6About the Companies4

3.6.1Constellation Energy Group, Inc.4

3.6.2Exelon Corporation4

4Appendix5

4.1Abbreviations5

4.2Methodology5

4.2.1Coverage5

4.2.2Secondary Research5

4.2.3Primary Research5

4.2.4Modeling and Forecasting5

4.3Contact Us5

4.4Disclaimer6

1.1

List of Tables

List of Tables

Table 1:Power Generation Base Diversified Across Fuel Sources and Geographies2

Table 2:Share Price Information of the Two Companies ($)2

Table 3:Comparable Deals2

Table 4:Abbreviations5

1.2

List of Figures

List of Figures

Figure 1:Annualized Volume (TWh) of Constellation Energy and Exelon3

Figure 2:Power Generation for the Three Companies4

2

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