Summary
This 8-K filing from Exelon Corporation, dated June 2, 2015, primarily announces a significant regulatory milestone in its proposed merger with Pepco Holdings, Inc. (PHI). The Delaware Public Service Commission (PSC) issued an order approving the merger, a crucial step that followed an Amended Settlement Agreement filed in April 2015 and approved by the PSC on May 19, 2015. This approval from the Delaware PSC is a key development for investors, as it removes a significant regulatory hurdle for the transaction. While the merger still requires approval from the District of Columbia's public service commission, the company anticipates completing the merger in the second or third quarter of 2015. The filing also confirms that regulatory reviews under the Hart-Scott-Rodino Act have concluded, allowing the merger to proceed, and includes a press release as an exhibit detailing this development.
Key Highlights
- 1Delaware Public Service Commission (PSC) issued an order approving the merger between Exelon and Pepco Holdings, Inc. (PHI).
- 2The PSC approval is based on the terms outlined in the Amended Settlement Agreement filed on April 7, 2015.
- 3The PSC's approval of the merger was granted on May 19, 2015, with the official order issued on June 2, 2015.
- 4The Hart-Scott-Rodino Act review period has expired, removing a statutory impediment to the merger.
- 5Exelon and PHI continue to expect the merger to be completed in the second or third quarter of 2015.
- 6Approval from the District of Columbia's public service commission is still pending.
- 7A joint press release regarding the PSC order is included as an exhibit.