Pepco Shareholders Approved Merger With Exelon

(RTTNews) - Pepco Holdings Inc. (POM) Tuesday said its stockholders approved the merger deal with Exelon Corp. (EXC).

In April, Exelon, the largest U.S. nuclear operator, agreed to buy electric and natural gas utility company Pepco Holdings Inc. (POM) in an all-cash transaction of about $6.8 billion.

"We are very pleased with today's vote because we feel this transaction is in the best interests of our customers, our communities, our stockholders and our employees," said Pepco CEO Joseph Rigby.

The merger now requires approval from Federal Energy Regulatory Commission, the public service commissions in Delaware, Maryland, New Jersey, Virginia and the District of Columbia, and the notification and reporting requirements under the Hart-Scott-Rodino Act. The deal is currently expected to close in the second or third quarter of 2015.