FPL Nabs Constellation Energy

FPL Group(FPL Quote) confirmed a definitive agreement to acquire Atlantic Coast power producer Constellation Energy(CEG Quote) for stock worth about $11 billion.

The transaction will pay Constellation holders 1.44 of an FPL share, or about $61.85 worth of stock, for each share held. Constellation shares closed Friday at $61.62 after word of the deal broke. They closed at $55.60 a week earlier.

The surviving entity, with a market capitalization of about $28 billion and annual revenue of around $27 billion, will be named Constellation Energy. FPL Group shareholders will own about 60% of the new firm, while Constellation's shareholders will own about 40%. ...