CBJ – April 28 – Chicago-based energy company Exelon Corp. will buy rival energy magnate Constellation Energy Group, of Baltimore, Md., in a reported $7.9 billion purchase, according to reports.

America's top nuclear power company, Exelon will add about 1.2 million customers in the deal, expected to close in early 2012. The Constellation takeover sees more than 12,000 megawatts of generating capacity add to the near 32,000 megawatts already owned by Exelon. The deal is expected to boost Exelon's 2013 earnings by about five per cent.

"This enterprise will have the scale and financial strength to drive expansion in competitive energy markets, as well as new investment in the next wave of clean generation and sustainable products and services," Constellation CEO Mayo Shattuck said in a statement.

According to the statement, the deal sees shareholders receive 0.93 of a share for each share held, while the offer pays nearly $39 a share, up from Wednesday's market close of $34.30 a share.

Once the deal closes, current Exelon COO Christopher Crane will take over as the company's new CEO.

The deal now awaits approval from several parties, including shareholders of both Exelon Corp. and Constellation Energy Group, as well as the Federal Energy Regulatory Commission, Nuclear Regulatory Commission and the public service commissions of Maryland and New York, and regulatory bodies.

John Rowe, Exelon Chairman and CEO, said in a report that the takeover will serve as "one of the cleanest and lowest-cost power generation fleets, and one of the largest commercial, industrial and residential customer bases in the United States."