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 combined company, to be named WEC Energy Group Inc, will serve more than 4.3 million gas and electricity customers in Wisconsin, Illinois, Michigan and Minnesota.The deal, which will help Wisconsin Energy sell more power at stable rates set by regulators, is the latest in a series of utility transactions aimed at minimizing exposure to the volatile open market for electric power.Power 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 remained unchanged at $60.95. 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 2653.
Wisconsin Energy Corporation is a diversified holding company. Shares of WEC remained unchanged at $46.89. 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 3079.
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