AKRON, Ohio and GREENSBURG, Pa., Feb.
24, 2011 /PRNewswire/ -- FirstEnergy (NYSE: FE) and
Allegheny Energy (NYSE: AYE) today received approval for their
merger from the Pennsylvania Public Utility Commission (PaPUC).
This is the final regulatory approval needed to close the
transaction.
"We are pleased that the Pennsylvania Commission has approved our
merger," said Anthony J. Alexander,
President and Chief Executive Officer of FirstEnergy. "We are
reviewing the Commission's decision and plan to close the
transaction in a timely fashion."
"We look forward to building on our collective strengths to
create a premier energy company," said Paul
J. Evanson, Chairman, President and Chief Executive Officer
of Allegheny Energy.
Together, the companies will include ten electric distribution
utilities serving six million customers; approximately 24,000
megawatts of generating capacity; 67,000 square miles of service
territory with operations in seven states – Ohio, Pennsylvania, West
Virginia, Virginia,
New Jersey, New York and Maryland; approximately $48 billion in assets; and $16 billion in annual revenues.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS
In addition to historical information, this news release may
contain a number of "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995. Words such as
anticipate, expect, project, intend, plan, believe, and words and
terms of similar substance used in connection with any discussion
of future plans, actions, or events identify forward-looking
statements. Forward-looking statements relating to the proposed
merger include, but are not limited to: statements about the
benefits of the proposed merger involving FirstEnergy and Allegheny
Energy, including future financial and operating results;
FirstEnergy's and Allegheny Energy's plans, objectives,
expectations and intentions; the expected timing of completion of
the transaction; and other statements relating to the merger that
are not historical facts. Forward-looking statements involve
estimates, expectations and projections and, as a result, are
subject to risks and uncertainties. There can be no assurance that
actual results will not materially differ from expectations.
Important factors could cause actual results to differ materially
from those indicated by such forward-looking statements. With
respect to the proposed merger, these factors include, but are not
limited to: the risk that FirstEnergy or Allegheny Energy may be
unable to obtain governmental and regulatory approvals required for
the merger, or required governmental and regulatory approvals may
delay the merger or result in the imposition of conditions that
could reduce the anticipated benefits from the merger or cause the
parties to abandon the merger; the risk that a condition to closing
of the merger may not be satisfied; the length of time necessary to
consummate the proposed merger; the risk that the businesses will
not be integrated successfully; the risk that the cost savings and
any other synergies from the transaction may not be fully realized
or may take longer to realize than expected; disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or suppliers; the diversion of management time
on merger-related issues; the effect of future regulatory or
legislative actions on the companies; and the risk that the credit
ratings of the combined company or its subsidiaries may be
different from what the companies expect. These risks, as well as
other risks associated with the merger, are more fully discussed in
the joint proxy statement/prospectus that is included in the
Registration Statement on Form S-4 (Registration No. 333-165640)
that was filed by FirstEnergy with the SEC in connection with the
merger. Additional risks and uncertainties are identified and
discussed in FirstEnergy's and Allegheny Energy's reports filed
with the SEC and available at the SEC's website at www.sec.gov.
Forward-looking statements included in this document speak only as
of the date of this document. Neither FirstEnergy nor Allegheny
Energy undertakes any obligation to update its forward-looking
statements to reflect events or circumstances after the date of
this document.
SOURCE FirstEnergy