U.S. power company Exelon Corp (EXC.N) is near a $7.7 billion stock deal to buy rival Constellation Energy Group Inc (CEG.N), the latest in a series of power deals in the consolidating utility industry, sources familiar with the matter said on Wednesday. Under the terms of the deal, which could be announced as early as Thursday, Constellation shareholders would receive 0.93 Exelon shares for each Constellation share, two of the sources said. At Wednesday's close, the bid was worth about $38.59 a share -- a 12.5 percent premium to Constellation's closing share price of $34.30. Constellation's shares rose 9.3 percent after hours on the buyout talks, after already rising 4.2 percent over the course of the day.
Exelon Corporation (Exelon) is a utility services holding company. Shares of EXC traded higher by 0.78% or $0.32/share to $41.49. In the past year, the shares have traded as low as $16.78 and as high as $44.49. On average, 5240810 shares of EXC exchange hands on a given day and today's volume is recorded at 5525199.
Constellation Energy Group, Inc. (Constellation Energy) is an energy company that conducts its business through various subsidiaries, including a merchant energy business and Baltimore Gas and Electric Company (BGE). Shares of CEG traded higher by 4.16% or $1.37/share to $34.3. In the past year, the shares have traded as low as $27.64 and as high as $37.79. On average, 2208600 shares of CEG exchange hands on a given day and today's volume is recorded at 3938565.
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