September 10, 2010
Virginia regulators have approved FirstEnergy Corp.'s proposed acquisition of Allegheny Energy Inc.
The companies announced the deal's approval by the State Corporation Commission Friday.
Akron, Ohio-based FirstEnergy announced in February that it was buying Greensburg, Pennsylvania-based Allegheny Energy in a stock deal that would form one of the biggest power companies in the country, made up of ten utilities serving 6.1 million customers from Ohio to New Jersey.
The companies sought approval from Virginia regulators because Allegheny Energy owns transmission assets in Virginia through Potomac Edison and the Trans-Allegheny Interstate Line Company.
The deal is expected to close in the first half of next year, but requires approval from regulators and shareholders.
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