NEW YORK (TheStreet) -- Shares of Exelon (EXC) are gaining 0.75% to $33.67 in Thursday's afternoon trading session after the Delaware Public Service Commission approved the Exelon, Pepco (POM) merger yesterday.
Exelon is an American energy generator and distributor headquartered in Chicago, and Pepco is an energy delivery company headquartered in Washington D.C.
"The merger will bring together Exelon's three electric and gas utilities--BGE, ComEd and PECO, and Pepco Holding's Three electric and gas utilities--Atlantic City Electric, Delmarva Power and Pepco--to create the leading mid-Atlantic electric and gas utility," the companies stated.
The two companies announced the proposed deal back in April 2014, and it still awaits approval from the District of Columbia.
Shares of Pepco are gaining 0.41% to $27.16 in Thursday's afternoon trading session.
Separately, TheStreet Ratings team rates EXELON CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXELON CORP (EXC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, good cash flow from operations, impressive record of earnings per share growth and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."