NextEra Energy is seeking to acquire Dominion Energy in an all-stock deal valued at about $67 billion, creating a massive power company as the energy needs of artificial intelligence drive demand higher in the U.S.
It is one of the biggest proposed mergers so far this year and would create the world’s biggest regulated electric utility business by market capitalization, the companies said on Monday
The combined company will serve approximately 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina. Dominion, based in Richmond, Virginia, helps to power hundreds of data centers across the state. It also provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina.
Juno Beach, Florida-based NextEra owns Florida Power & Light Company, which provides electricity to about 12 million people across the state. Dominion shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra Energy for each share of Dominion that they own. Dominion stockholders will continue to receive Dominion’s current quarterly dividend through closing, plus a one-time cash payment of $360 million at closing.