The merger of Pepco Holdings, Inc. (POM) and Exelon Corporation (EXC) has been approved by regulators.
Pepco will be integrating into Exelon due to the merger. The company’s three gas and electric utilities will remain separate and will continue to keep their current headquarters. The newly-merged company will serve 10 million customers.
Exelon will continue to keep Chris Crane as its current president and CEO. However, Pepco CEO Joseph M. Rigby has retired and been replaced by David M. Velazquez. A benefits package worth $430 million will also be passed on to customers.
Due to the merger of Pepco and Exelon, POM stock stops trading today, March 24, 2016. POM shareholders will receive $27.25 for each of the shares they own.
EXC shares were up slightly as of Thursday morning.
More From InvestorPlace:
