The deal will create the world’s largest regulated electric utility business, according to the companies.
WASHINGTON — NextEra Energy plans to acquire Dominion Energy in an all-stock deal that unites two key players in the race to meet surging demand from data centers that run artificial intelligence programs.
The deal will create the world’s largest regulated electric utility business, according to the companies.
The combined company will serve around 10 million utility customers across Florida, Virginia, North Carolina and South Carolina, the companies said in a press release.
The companies plan to maintain dual headquarters in Richmond, Virginia and Juno Beach, Florida and operational headquarters in Cayce, South Carolina, Monday’s announcement said.
“This is a historic moment for our two companies and for the states we are privileged to serve,” John Ketchum, NextEra Energy president and CEO, said in a statement. “Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever— not for the sake of size, but because scale translates into capital and operating efficiencies. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run.”
Dominion Energy soared more than 14% in premarket trading Monday morning after the merger was announced. The all-stock deal, valued at about $67 billion, was sparked by a growing demand for power needed to run data centers.
The transaction is expected to close in 12 to 18 months, subject to antitrust review, along with shareholder and regulatory approvals.
The Associated Press contributed to this report.