FPL Group Inc. on Monday said it had agreed to buy Constellation Energy Group Inc. for about $11.07 billion in stock, giving FPL a major foothold in the unregulated power supply business.
The new company will also be one of the largest regulated power utilities in the U.S., and the third-largest nuclear power plant operator. It will have more than 5.5 million electric customers in Florida and Maryland and 625,000 natural gas customers in Maryland. In the deal, expected since last week, Constellation shareholders will receive stock in the new company valued at about $62.02 per share.
