Plus   Neg

Dominion Energy, SCANA Complete Proposed Merger - Quick Facts

Electric utility Dominion Energy, Inc. (D) and SCANA Corp. (SCG) said Wednesday that they have completed their proposed merger, benefiting customers and communities in Georgia, North Carolina and South Carolina.

Dominion Energy noted that the combination expands its operations in Georgia and the Carolinas, where the company had already operated an electric utility serving 120,000 customer accounts in northeastern North Carolina, a 1,500-mile interstate pipeline principally in South Carolina, and nearly 1,000 megawatts of gas, hydro and solar generating capacity in all three states.

Thomas Farrell, II, chairman, president and chief executive officer, said, "Dominion Energy is pleased to add SCANA's fast-growing, high-performing Southeastern businesses to our 18-state footprint. Together, we are committed to providing safe, dependable, affordable and clean energy to the communities served by SCANA and to maintaining its excellent record of reliability and customer service."

At the merger's completion, each SCANA share was converted into 0.6690 shares of newly issued Dominion Energy common stock. The conversion resulted in a transaction value of about $6.8 billion, in addition to the assumption of approximately $6.6 billion in existing consolidated SCANA net debt.

SCANA said its last declared dividend of 12.37 cents per share of common stock is being paid today to SCANA shareholders of record at the close of business on Dec. 10, 2018.

SCANA will be a first-tier, wholly owned subsidiary of Dominion Energy. Its operating companies - including South Carolina Electric & Gas Company or SCE&G, Public Service Company of North Carolina, Incorporated or PSNC Energy, and SCANA Energy Marketing, Inc. or SEMI - and its services company will be managed by a new operating segment, the Southeast Energy Group.

SCANA Corp. common stock has ceased trading on the New York Stock Exchange.

For comments and feedback contact: editorial@rttnews.com

Follow RTT