Wisconsin Energy Acquisition of Integrys Begins

The approval process for Wisconsin Energy Corporation’s acquisition of Integrys Energy Group Inc. officially started August 6 with filings to the Public Service Commission of Wisconsin (PSCW). The acquisition will bring together the two holding companies forming the WEC Energy Group. The single holding company will continue to separately operate several electric and gas utilities, including Wisconsin Electric Power Company (WEPCO), Wisconsin Gas LCC, and Wisconsin Public Service Corporation (WPS).

A group of interveners requested during a September 25 prehearing conference that the PSCW slow the approval process. The group is requesting a two month delay to make sure the proposals are thoroughly evaluated, which the groups note is difficult considering the complex rate cases currently being considered by the PSCW. The acquisition is currently on a track to be completed by Fall 2015.

In addition to PSCW approval, the acquisition is subject to several steps before finalization. Integrys and WEC shareholders must vote, the deal must pass the Hart-Scott Rodino Antitrust test, and must be approved by the Federal Communications Commission, Federal Energy Regulatory Commission, and the Securities and Exchange Commission. The deal must also be approved by Illinois, Michigan, and Minnesota regulatory commissions.