Exelon makes $6.2 billion unsolicited, all-stock offer for NRG Energy

By Lisa Kerner

Charlotte, N.C., Oct. 20 - Exelon Corp. proposed acquiring all of the outstanding stock of NRG Energy, Inc. in an all-stock transaction valued at approximately $6.2 billion.

Each NRG share would be exchanged for 0.485 Exelon shares for a value of approximately $26.43 per share, an Exelon news release said.

NRG, a Princeton, N.J.-based power company, said its board of directors would review Exelon's unsolicited proposal in conjunction with its advisers and make a determination "in due course."

In a statement released Monday, NRG advised shareholders to not take any action pending the board's review.

"An Exelon-NRG combination would result in a total enterprise value of approximately $60 billion with a generating capacity of around 47,000 megawatts, or enough electricity to serve nearly 45 million homes," Exelon chairman and chief executive John W. Rowe said in a company news release.

"This combination would not only diversify Exelon's generation portfolio geographically, it would also create immediate earnings and cash flow accretion."

Exelon is a Chicago-based utility services holding company.

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