Wisconsin Energy Corp said it would purchase Integrys Energy Group Inc for $5.71 billion to create a larger, more diverse Midwest electric and natural gas delivery company.The deal is the latest in a series of transactions aimed at minimizing exposure to the volatile wholesale power market, and analysts expect consolidation to continue."More than 99 percent of the combined company's earnings will come from regulated businesses," said Wisconsin Energy Chief Executive Gale Klappa, who will lead the combined company.Prices on both the open and regulated markets have fallen, due to an abundance of cheap shale gas, increased energy efficiency and tepid economic growth.
Integrys Energy Group, Inc. is a diversified energy holding company. Shares of TEG traded higher by 12.45% or $7.59/share to $68.54. In the past year, the shares have traded as low as $52.08 and as high as $63.58. On average, 419742 shares of TEG exchange hands on a given day and today's volume is recorded at 4836234.
Wisconsin Energy Corporation is a diversified holding company. Shares of WEC fell by 3.01% or $-1.41/share to $45.48. In the past year, the shares have traded as low as $39.11 and as high as $49.21. On average, 1897850 shares of WEC exchange hands on a given day and today's volume is recorded at 5678421.
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