Exelon clears hurdle on Constellation ... - Crain's Chicago Business

(Updated 4:15 p.m.)

(Crain's) ? Maryland regulators today approved Exelon Corp.'s acquisition of Baltimore-based Constellation Energy Group Inc., clearing the most significant hurdle to the deal, which is all but sure to close within weeks.

The Maryland Public Service Commission backed the deal with conditions, including more than $1 billion in concessions agreed to in December with Maryland Gov. Martin O'Malley. Exelon agreed then to build new renewable energy facilities in the state, provide one-time rate concessions to Baltimore ratepayers and set aside millions for low-income assistance.

"We are pleased that the Maryland PSC has approved our merger with Constellation, and we accept the additional conditions that the commission has imposed," Exelon President and Chief Operating Officer Christopher Crane said in a statement. Mr. Crane will succeed John Rowe as Exelon CEO when the deal closes.

Exelon has cleared virtually all regulatory impediments to the $7.9 billion acquisition other than approval by the Federal Energy Regulatory Commission; that is expected soon. Maryland, which killed a proposed deal for Constellation by a Florida utility holding company six years ago, was always viewed as the toughest hurdle.

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Source: http://www.chicagobusiness.com/article/20120217/NEWS11/120219783/exelon-clears-last-big-hurdle-in-constellation-acquisition

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