NEXTERA ENERGY INC acquires Constellation Energy Group, Inc.

NEXTERA ENERGY INC acquired Constellation Energy Group, Inc. for Stock-for-stock merger of equals; combined company market capitalization of approximately $28 billion; each Constellation share to convert to 1.444 shares and each FPL share to 1 share of the combined Constellation Energy, a transaction announced in December 2005, structured as all stock. The deal was a Merger.

Constellation Energy Group, Inc. operates in Electric utility / competitive energy supply, is based in Baltimore, Maryland (Constellation; Baltimore Gas and Electric service territory), had revenue of about Combined annual revenues described as approximately $27 billion (pro forma for the merged company). FPL Group (NextEra's predecessor) entered into an agreement and plan of merger with Constellation Energy Group and Constellation's subsidiary CF Merger Corporation to create what the companies described as the nation's largest competitive energy supplier and second-largest electric utility portfolio, a combined company with about $28 billion market capitalization, $27 billion in annual revenues and $57 billion in total assets, to be named Constellation Energy. FPL Group and Constellation terminated the merger in October 2006.

Under the definitive merger agreement, each Constellation common share would convert into 1.444 shares and each FPL Group share into one share of the combined Constellation Energy; the combination was described as bringing together the best of the regulated utility and competitive energy sectors and as immediately accretive to earnings.

Constellation paired a regulated utility (BGE) with one of the largest competitive/merchant energy businesses, complementing FPL Group's regulated Florida utility and growing merchant fleet. Described as immediately accretive to earnings and creating a Fortune 100 company spanning regulated utility and competitive energy. Combined company would have been named Constellation Energy, with Lewis Hay III as CEO and Mayo A. Shattuck III in a senior leadership role.

Advisory firms were not disclosed for this transaction.