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Wisconsin Energy and Integrys put the transaction's total value at $9.1 billion including the assumption of $3.3 billion in debt.
Shareholders of Chicago based Integrys will own approximately 28 per cent of the combined company. Integrys shares surged $8.24, or 13.5 per cent, to $69.19 in morning trading. Wisconsin Energy shares slipped 86 cents, or 1.8 per cent, to $46.03.
Both companies' boards unanimously approved the deal, which is targeted to close in the summer of 2015. It needs the approval of both companies' shareholders, as well as approvals from the New Era Los Angeles Kings
and CEO Gale Klappa will serve in the same posts for the combined company. Integrys Chairman and CEO Charlie Schrock will stay in his current roles until the acquisition is complete. He will retire upon the closing.
Wisconsin Energy Chairman New Era Ny
WEC Energy will be headquartered Jordan Hats Amazon in metropolitan Milwaukee with operating headquarters in Chicago, Green Bay and Milwaukee. Wisconsin Energy is based in Milwaukee.
8 billion to create a more diverse Midwest utility
WEC Energy will hold a 60 per cent stake in American New Era New York Mets
Under the deal announced Monday, Integrys stockholders will receive 1.128 Wisconsin Energy shares and $18.58 in cash for each share they own. That amounts to $71.47 per Integrys share, a 17 per cent premium to the company's Friday closing stock price of $60.95. The payout will be 74 per cent in stock and 26 per cent in cash.
The transaction will combine Wisconsin Energy's electric and gas utility, We Energies, with Integrys' electric and gas utilities, Wisconsin Public Service, Peoples Gas, North Shore Gas, Minnesota Energy Resources and Michigan Gas Utilities.
Federal Energy Regulatory Commission, Federal Communications Commission, Public Service Commission of Wisconsin, Illinois Commerce Commission, Michigan Public Service Commission and the Minnesota Public Utilities Commission.
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