The firm is representing Barclay’s Capital Inc. as financial advisor to Exelon Corporation (NYSE: EXC) in connection with the proposed combination of Exelon with Constellation Energy (NYSE: CEG) pursuant to a stock-for-stock transaction.  Under the merger agreement, Constellation’s shareholders will receive 0.930 shares of Exelon common stock in exchange for each share of Constellation common stock.  The implied pro forma market capitalization of the combined entity is $34 billion with an enterprise value of $52 billion.

Exelon Corporation is one of the nation’s largest electric utilities with more than $18 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic.  Exelon also distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 490,000 customers in the Philadelphia area. Constellation Energy is a competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity.  The company also delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010.

The Simpson Thacher team includes: Maripat Alpuche and Andy Calder.