29 Nov Exelon asks federal court to intervene in stalled acquisition of FES customer book
Exelon seeks court intervention in stalled deal to acquire FirstEnergy Solution’s retail customers. Exelon Corp. has filed a complaint in federal court seeking to keep its acquisition of FirstEnergy Solution Corp.’s retail customer book alive should a final agreement not be struck by year’s end. The headline-grabbing July agreement for Exelon to acquire and serve FES’s retail customers in several states allows either party to walk away if the transaction isn’t finalized by Dec. 31. Exelon notes that FES has asked several times to postpone a hearing on the matter, which is pending in bankruptcy court, and asks the court to intervene and keep the pending deal alive after the end-of-year deadline. The delays apparently stem from the interest of certain creditor groups in a post-bankruptcy reorganization that allows FirstEnergy to emerge with its customer base intact.
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