Constellation Energy Group Inc.
Constellation Energy Group, Inc. (NYSE: CEG), which announced last week it had agreed to be purchased by Exelon Corporation (NYSE: EXC) in a share swap worth $7.9 billion, said Monday it acquired a 30-megawatt (MW) solar generation project in Sacramento, California., from utility-grade photovoltaic (PV) power plant developer Belectric, Inc.
Two of the largest U.S. power utilities, Exelon Corporation (NYSE: EXC) (market cap $27.45 billion) and Constellation Energy Group, Inc. (NYSE: CEG) (market cap $6.85 billion), said today Exelon will buy Constellation in a shares-for-shares transaction. Based on Exelon’s closing share price Wednesday, Constellation shareholders would receive a value of $38.59 per share, or $7.9 billion in total equity value. However, Constellation shares had risen only to slightly more than $35 by mid-day today, indicating some reluctance by investors to embrace the offer.