Overview
- NextEra said Monday it will buy Dominion in an all-stock transaction worth about $66.8 billion.
- Dominion shareholders would receive 0.8138 NextEra share for each Dominion share, leaving NextEra investors with roughly 74.5% of the combined company.
- The companies set a 12 to 18 month review timeline and promised $2.25 billion in bill credits that would cut typical Dominion bills by about $25 a month for two years after closing.
- Approvals are required from federal energy and nuclear regulators and from state commissions, with Virginia’s State Corporation Commission, which sets utility rates, expected to be the toughest hurdle.
- Dominion shares rose about 9% as NextEra fell roughly 4% on the day, reflecting concern over the takeover premium and the size of the combined debt load.