July 30, 2014
Cadwalader, Wickersham & Taft LLP, a counselor to global financial institutions and corporations, advised Exelon Corporation, one of the nation’s leading competitive energy providers, on its agreement to purchase Integrys Energy Services, Inc. Integrys is a competitive retail electricity and natural gas subsidiary serving approximately 1.2 million commercial, industrial, public sector and residential customers across 22 Midwest, mid-Atlantic and Northeastern states, and the District of Columbia.
Exelon will pay $60 million for the Integrys retail operations, plus adjusted net working capital at the time of closing. Integrys Energy Services had adjusted working capital of approximately $183 million as of May 31, 2014. The transaction does not include certain of Integrys’ energy assets – primarily solar – which will remain a part of Integrys Energy Group, Inc.
The Cadwalader team included regulatory lawyers Greg Lawrence (FERC and antitrust) and Jonathan Kanter (antitrust), and corporate lawyers Ira Schacter and Aly El Hamamsy.
Cadwalader’s two-year representation was spearheaded by Trial Practice Chair Sean F. O’Shea.
Patrick Quinn and Ruth Merisier discuss the legal profession, working at Cadwalader, and more.