NextEra Energy Inc (NEE) agreed to acquire Dominion Energy Inc (D) in an all-stock deal that will create the largest regulated electric utility in the United States, the companies announced on Monday.
In pre-market activity on the NYSE, shares of Dominion were up 14.51 percent, changing hands at $70.70, after closing Friday's regular session 1.97 percent lower.
Under the terms, Dominion shareholders will receive 0.8138 NextEra shares for each Dominion share plus a one-time $360 million cash payment at closing, giving them about 25.5 percent of the combined company.
NextEra shareholders will own the remaining 74.5 percent.
The transaction is tax-free and expected to be immediately accretive to NextEra's adjusted earnings per share, with about 9 percent annual growth targeted through 2035.
The combined company will have more than 10 million utility customers across Florida, Virginia, North Carolina and South Carolina, and 110 gigawatts of generation capacity. More than 80 percent of earnings will come from regulated businesses, NextEra said.
It will trade under the NextEra name and NYSE ticker NEE.
NextEra Chairman and CEO John Ketchum will lead the company, while Dominion's Robert Blue will serve as president and CEO of regulated utilities and join the board.
Dual headquarters will remain in Juno Beach and Richmond. Dominion Energy South Carolina will keep its operating base in Cayce, S.C.
The companies said they will offer $2.25 billion in bill credits to Dominion customers in Virginia, North Carolina and South Carolina over two years after closing.
The deal is expected to close in 12 to 18 months.
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