MILWAUKEE – Federal regulators have approved Wisconsin Energy Corp.’s proposed $9.1 billion takeover of Chicago-based Integrys Energy Group Inc.
The Milwaukee Journal Sentinel (http://bit.ly/1IHheXn ) reports the Federal Energy Regulatory Commission gave its approval Tuesday.
The deal, announced in June, would create a Wisconsin-based utility company with operations in four Midwest states. The combined company will be called WEC Energy Group Inc. It will serve more than 4.3 million gas and electric customers across Wisconsin, Illinois, Michigan and Minnesota.
Wisconsin Energy wants to close the deal in the third quarter.
Tuesday’s decision means no more federal approvals are required. But the acquisition still needs approval by regulators in the four states.
The utility is expecting decisions this month in Wisconsin and Michigan, next month in Minnesota and in July in Illinois.
Information from: Milwaukee Journal Sentinel, http://www.jsonline.com