Regulators Approve FirstEngery Deal

Virginia regulators have approved FirstEnergy's proposed acquisition of Allegheny Energy.

The companies announced the deal's approval by the State Corporation Commission today.

FirstEnergy, Penelec’s parent company, announced in February that it was buying Greensburg, Pa.-based Allegheny Energy in a stock deal that would form one of the biggest power companies in the country, made up of 10 utilities serving 6.1 million customers from Ohio to New Jersey.

The companies needed approval from Virginia regulators because Allegheny Energy owns transmission assets in Virginia through Potomac Edison and the Trans-Allegheny Interstate Line Company.

The deal is expected to close in the first half of next year, but needs approval from regulators and shareholders.

http://www.4-traders.com/FIRST-ENERGY-USD-1-12586/news/FIRST-ENERGY-USD-1-FirstEnergy-Allegheny-Energy-Merger-Application-Receives-Approval-From-Virginia-R-13454033/

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