ISI Group Upgrades Wisconsin Energy (WEC) to Neutral
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Wisconsin Energy (WEC) Placed on Rating Watch Negative by Fitch (TEG)
June 24, 2014 3:14 PM EDTFitch Ratings has placed the 'A-' Long-term Issuer Default Rating (IDR) and individual security ratings of Wisconsin Energy Corp. (NYSE: WEC) on Rating Watch Negative. The actions follow yesterday's announcement by WEC to acquire Integrys Energy Group, Inc. (NYSE: TEG) (not rated by Fitch) for a total consideration of $9.1 billion including $3.3 billion of assumed debt. Fitch estimates the purchase price to equate 8.9x Integrys' 2013 EBITDA.
Fitch has affirmed WEC's Short-term IDR at 'F2'.
Fitch has also placed the ratings of Wisconsin Energy Capital Corp.... More
Wisconsin Energy (WEC) to Acquire Integrys (TEG) in $9.1B Deal
June 23, 2014 7:04 AM EDTWisconsin Energy (NYSE: WEC) and Integrys Energy Group Inc. (NYSE: TEG) announced that they have entered into a definitive agreement under which Wisconsin Energy will acquire Integrys in a transaction valued at $9.1 billion. Upon completion of the transaction, the combined company will be named WEC Energy Group, Inc.
The combination of Wisconsin Energy and Integrys brings together two strong and well-regarded utility operators with complementary geographic footprints to create a larger, more diverse Midwest electric and natural gas delivery company with the operational expertise, scale and financial... More
