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NextEra to Buy Dominion in $67 Billion Deal to Create Utility Giant

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NextEra Energy (NEE) and Dominion Energy (D) have agreed to combine in an all-stock deal valued at about $67 billion, the companies said on Monday.

The combined company would become the world's largest regulated electric utility by market capitalization and one of North America's largest energy infrastructure companies, the companies said.

The combined company would serve about 10 million customer accounts, with over 80% of operations expected to be regulated, the companies said.

The merger would help meet rising electricity demand through greater scale in operations, procurement, construction and financing.

The deal, among the largest in the US power sector, comes amid a wave of consolidation driven by surging electricity demand tied to rapid data-center expansion, which has boosted growth and profit expectations for utilities.

Under the agreement, Dominion shareholders would receive a fixed exchange ratio of 0.8138 NextEra Energy shares for each Dominion share held at closing.

Following completion of the transaction, NextEra shareholders are expected to own about 74.5% of the combined company, while Dominion shareholders would hold roughly 25.5%, the companies said.

Dominion said the merger remains subject to approval by federal and state regulators, as well as shareholders of both companies. The companies expect the transaction to close in the second half of 2027.

NextEra, one of the world's largest energy developers, said the deal would expand its presence in the PJM Interconnection region, the largest US power grid operator, and strengthen its position in Virginia, one of the world's largest data-center markets.

The companies said Dominion customers in Virginia, North Carolina and South Carolina would receive $2.25 billion in bill credits over two years after the deal closes.

The combined company would maintain dual headquarters in Florida and Virginia, with an operational headquarters in South Carolina.

The merger is expected to be tax-free to shareholders and immediately accretive to adjusted earnings per share upon closing, the companies said.

Price: $88.41, Change: $-4.96, Percent Change: -5.31%

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