|Exelon Closes Sale of Thermal Chicago Corporation|
CHICAGO, July 2 /PRNewswire-FirstCall/ -- Exelon Corporation (NYSE: EXC), parent company of Exelon Enterprises, has closed the sale of Thermal Chicago Corporation, which includes Exelon Thermal Technologies and Northwind Midway.
Thermal Chicago Corporation has been sold to Macquarie Bank Limited of Australia for $134 million. Exelon Thermal Technologies provides chilled-water cooling services to 93 commercial buildings in the city of Chicago, via an underground network of pipes. Its affiliate, Northwind Midway, operates a heating and cooling plant at Midway Airport.
"The divestiture of Thermal supports Exelon's strategy to focus on our core integrated utility businesses," said George Gilmore, senior vice president of Exelon and president of Exelon Enterprises. "Exelon also believes the transaction is in the best interest of Thermal. Macquarie has demonstrated that it can provide a high level of service to customers, as well as the support the business needs in order to grow."
Exelon announced Wednesday that it had finalized the sale of its partnership interests in PECO TelCove to TelCove, its partner, for $49 million. The sale price covers Exelon's interests in the partnership, certain fiber network assets and the settlement of existing claims between the parties. PECO TelCove is a Competitive Local Exchange Carrier operating in Southeastern Pennsylvania. It provides telecommunications services (local, long distance and data services) to businesses and institutions through its own fiber network.
Also this week, Exelon announced it had closed the sale of Exelon Solutions, a unit of Exelon Services, to Ameresco, Inc. Exelon Solutions helps clients improve facility assets while reducing long-term costs. Exelon will realize an after-tax gain of approximately $7 million as a result of the sale.
The Macquarie group is a global leader in infrastructure acquisition, funding and management, and manages approximately $10 billion of funds invested in infrastructure assets and businesses around the world including toll roads, airports, communications, water, rail, electricity transmission and distribution assets. The Macquarie group has been active in the United States for more than a decade and has over 250 employees in twelve U.S. locations including offices in Chicago, Houston, Los Angeles, Memphis, New York, San Diego, San Jose and Seattle.
The Macquarie group comprises Macquarie Bank Limited (MBL), a company authorized under the Banking Act 1959 (Cth) to conduct banking business in Australia, and its worldwide affiliated entities. MBL is not licensed to conduct banking business in the United States. MBL maintains a Representative Office in New York and Texas.
Exelon Corporation is one of the nation's largest electric utilities with approximately 5.1 million customers and more than $15 billion in annual revenues. The company has one of the industry's largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.1 million customers in northern Illinois and Pennsylvania and gas to more than 460,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.
SOURCE Exelon Corporation -0- 07/02/2004 /CONTACT: Jennifer Medley, Media Relations, +1-312-394-7189, or Michael Metzner, Investor Relations, +1-312-394-7696, both of Exelon Corporation/ /Web site: http://www.exeloncorp.com / (EXC) CO: Exelon Corporation; Thermal Chicago Corporation; Macquarie Bank Limited; Exelon Thermal Technologies; Northwind Midway ST: Illinois, Australia IN: OIL UTI SU: TNM SH-AB -- CGF012 -- 4670 07/02/2004 09:38 EDT http://www.prnewswire.com