NEW YORK (TheStreet) -- Shares of Integrys Energy Group (TEG) are soaring 11.57% to $68.00 in pre-market trading on Monday morning after Wisconsin Energy (WEC) announced it will acquire the company for $9.1 billion in cash, stock and assumed debt.
The merger has been unanimously approved by both boards of both companies, and will create the 8th largest natural gas distribution company in America.
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TheStreet Ratings team rates INTEGRYS ENERGY GROUP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEGRYS ENERGY GROUP INC (TEG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."