Wisconsin Energy, Wicor agree to merge

Wisconsin Energy Corp. and Wicor Inc. have signed a definitive merger agreement worth an estimated $1.5 billion.Under terms of the agreement, Wicor shareholders will receive a fixed price of $31.50 for each share, to be paid in a combination of cash and Wisconsin Energy stock, with at least 40% of payments constituting stock. The deal will be accounted for as a purchase.The combined company will serve about 921,000 gas customers and more than 1 million electric customers in Wisconsin and the Upper Peninsula of Michigan. It will operate more than 16,500 miles of gas main and 30,000 miles of electrical transmission and distribution wires.The new firm will have a market capitalization of $7....

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