Chicago-based energy giant Exelon Corp. (NYSE: EXC) has spent about $259 million in its ongoing and increasingly long pursuit of a merger with D.C.-based Pepco Holdings Inc. (NYSE: POM), according to Securities and Exchange Commission filings.
About $121 million of that was for already-incurred integration costs and another $138 million was for financing costs related to the $6.8 billion transaction. The figures are through the end of 2015, so the final costs are likely to be higher.
Exelon did not break out lobbying or advertising expenditures, though it has done plenty of both since the D.C. Public Service Commission rejected the proposal last August, saying it wasn’t in the public interest. The company negotiated a new deal with D.C. and went back to the PSC for approval.
Exelon and Pepco are now awaiting the final decision from the D.C. Public Service Commission, and Exelon CEO Chris Crane said in an earnings call that the PSC has agreed to issue a final ruling before March 4, the deadline the companies have set before either can back out of the deal. There are no PCS meetings scheduled between now and then, but the commission can could still schedule one with sufficient public notice.
