Exelon Corp. has agreed to buy Integrys Energy Services Inc., the company that supplies electricity to Chicago residents.
The parent of ComEd will pay $60 million for the retail electric and gas business of Chicago-based Integrys Energy Group Inc. The Integrys division supplies about 1.2 million commercial, industrial, government and residential customers in 22 states in the Midwest, mid-Atlantic and Northeast regions. Exelon will add the company to its Constellation business group.
“Integrys Energy Services’ geographic footprint is a perfect strategic fit for Constellation and will create opportunities to reach more customers and grow the business, particularly in regions where Exelon also owns significant generation assets,” said Chris Crane, Exelon president and chief executive.
The companies expect to complete the sale during the fourth quarter of 2014 or first quarter of 2015.
The sale of is part of Integrys Energy Group’s preparations for its pending $9.1 billion combination with Wisconsin Energy Corp. announced in June.