Constellation Signs Definitive Agreement to Acquire ONEOK Energy Marketing Company

Yesterday, we announced that we have signed a definitive agreement to acquire 100 percent of ONEOK Energy Marketing Company (OEMC), a Tulsa, Oklahoma, retail natural gas marketing company with 26,100 customers.

The proposed purchase of OEMC, a subsidiary of ONEOK, Inc. (NYSE: OKE), for $22.5 million, plus working capital, expands our business and residential customer base in six states – Kansas, Oklahoma, Missouri, Texas, Nebraska and Illinois – and will give us customers in Wyoming for the first time, expanding our national presence to 45 states.

The purchase of OEMC, which provides natural gas products and services to retail customers, expands Constellation’s commercial, industrial and residential gas business in the Mid-Continent region of the country. The definitive agreement is scheduled to close in the first quarter of 2012.

The acquisition will follow a year of steady growth. Constellation recently reached a key milestone of 1 million retail customers, and the addition of ONEOK’s retail natural gas marketing business will give Constellation almost 1.1 million customers. Earlier this year, Constellation Energy acquired MXenergy, a Connecticut-based supplier of natural gas and electricity with a half million customers in 15 states and two Canadian provinces, and StarTex Power, a Houston retail electric provider with approximately 170,000 customers.

We look forward to welcoming OEMC to the Constellation Energy retail family, and continuing to leverage the strengths of the mass markets businesses we acquired earlier this year.