FirstEnergy Corp. (FE) Friday said its merger with Allegheny Energy Inc. (AYE) has closed effective February 25. The announcement follows the company's acceptance of conditions included in Pennsylvania Public Utility Commission approval.
First Energy said that it will locate regional headquarters for Maryland and West Virginia utility operations in Washington County, Maryland, and Fairmont, West Virginia, respectively. The current headquarters building for Allegheny Energy in Greensburg, Pennsylvania, will become the regional headquarters for West Penn Power utility operations.
In addition, the company plans to reintroduce the utility operating names - Mon Power, Potomac Edison and West Penn Power - to Allegheny Power customers.
The company also said that in accordance with the dividend synchronization plan announced in December, FirstEnergy shareholders of record as of February 7, will receive a pro rata dividend of $0.5255 per share, payable March 1.
In addition, FirstEnergy shareholders of record as of the close of business February 25, will receive a pro rata dividend of $0.0245 per share, payable March 7.
Allegheny Energy shareholders as of the close of business on February 24, will receive a prorated final dividend of $0.12045 per share, payable March 11.
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