Following a shareholder vote, Exelon and Constellation moved closer to their goal of merging by early next year.
An overwhelming majority of shareholders from both companies agreed last week to the deal, estimated at $7.9 billion. Under the agreement, Constellation shareholders will receive 0.93 shares of Exelon stock for each share of Constellation common stock.
Exelon currently owns the largest reactor fleet in the U.S., and Constellation Energy Nuclear Group has five reactors at the Calvert Cliffs, R.E. Ginna and Nine Mile Point plants in Maryland and New York. Exelon said earlier it would move its headquarters for nuclear operations and about 100 positions from suburban Chicago to suburban Philadelphia. The combined nuclear fleet will have a generation capacity of 19,000 megawatts electric, assuming the Nuclear Regulatory Commission and state utility regulators, including those in New York and Maryland, approve the deal.