Exelon, Pepco To Fulfill Conditions In Merger Order From Maryland PS Commission

(RTTNews) - Exelon Corp. (EXC) and Pepco Holdings Inc. (POM) announced that they have completed their review of the Maryland Public Service Commission's order approving their merger and have committed to fulfill the modified, more stringent conditions and package of customer benefits imposed by the Commission.

The Exelon-Pepco Holdings merger will bring together Exelon's three electric and gas utilities - BGE, ComEd and PECO - and Pepco Holdings' three electric and gas utilities - Atlantic City Electric, Delmarva Power and Pepco - to create the leading mid-Atlantic electric and gas utility.

The merger still requires approvals by the Public Service Commission of the District of Columbia and the Delaware Public Service Commission.

On February 13, Exelon reached a settlement agreement with staff of the Delaware Public Service Commission and other stakeholders, and the agreement is pending approval by the Commission. Following the expiration of the U.S. Department of Justice's review period on December 22, 2014, the Hart-Scott-Rodino Act no longer precludes completion of the merger.

The transaction was approved by the New Jersey Board of Public Utilities in February, the Federal Energy Regulatory Commission in November, the Virginia State Corporation Commission in October and PHI stockholders in September. The companies expect to complete the merger in the second or third quarter of 2015.

In April 2014, Exelon agreed to buy diversified utility company Pepco Holdings for $27.25 per share, implying a deal value of about $6.8 billion.