Exelon Said to Be Near $7.7 Billion Deal for Constellation

Exelon Corp., the largest operator of U.S. nuclear power plants, is near agreement to buy Constellation Energy Group Inc. for about $7.7 billion, adding stakes in five reactors in Maryland and New York, according to a person with knowledge of the matter.

In the transaction under discussion, Constellation shareholders would get 0.93 Exelon share for each of their shares, said the person, who declined to be identified because the talks are private. Based on Exelon’s closing stock price of $41.49 today, that would value Constellation at $38.59 a share, a 12.5 percent premium to its closing price.