Saturday, February 13, 2010
FirstEnergy To Merge With Allegheny Energy
WEST VIRGINIA....
Utility company FirstEnergy said this week that it plans to merge with rival Allegheny Energy for about $4.7 billion in stock-for-stock transaction ... giving the combined company about $16 billion in annual revenue, $1.4 billion in profit and more than 6 million customers in Pennsylvania, Ohio, Maryland, New Jersey, New York, Virginia and West Virginia. It still needs regulatory approval in several states, including the West Virginia PSC and from the Federal Energy Regulatory Commission.but is expected to close within 12 to14 months. Under the deal, shareholders of Allegheny will receive 0.667 shares of FirstEnergy common stock in exchange for each share they own. FirstEnergy stockholders will own 73% of the combined company and Allegheny stockholders the other 27%.
Utility company FirstEnergy said this week that it plans to merge with rival Allegheny Energy for about $4.7 billion in stock-for-stock transaction ... giving the combined company about $16 billion in annual revenue, $1.4 billion in profit and more than 6 million customers in Pennsylvania, Ohio, Maryland, New Jersey, New York, Virginia and West Virginia. It still needs regulatory approval in several states, including the West Virginia PSC and from the Federal Energy Regulatory Commission.but is expected to close within 12 to14 months. Under the deal, shareholders of Allegheny will receive 0.667 shares of FirstEnergy common stock in exchange for each share they own. FirstEnergy stockholders will own 73% of the combined company and Allegheny stockholders the other 27%.
# posted by Homer Owens @ 5:35 AM 
