Wisconsin Ag Connection - Wisconsin Energy Completes Acquisition of Integrys

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Wisconsin Energy Completes Acquisition of Integrys
Wisconsin Ag Connection - 06/30/2015

Wisconsin Energy Corporation announced it has completed the acquisition of Integrys Energy, and has formed the WEC Energy Group in the process. The new company will provide electricity and natural gas to 4.4 million customers across four states through its customer facing brands such as We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, and Minnesota Energy Resources.

WEC Energy Group becomes the eighth largest natural gas distribution company in the country and one of the 15 largest investor-owned utility systems in the United States. Major operating headquarters will be in Milwaukee, Green Bay and Chicago.

"The new era that begins today has its roots in world-class customer service and exceptional shareholder value," said Gale Klappa, chairman and chief executive officer. "Our goal in combining these strong Midwestern companies is to build a leader in the energy industry that will thrive for decades to come."

The new dividend level for Wisconsin Energy shareholders is effective immediately and represents an increase of 8.3 percent over the previous quarterly rate. The payout target for the combined company is 65 to 70 percent of earnings.

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