May. 18 at 2:41 PM
$NEE to aquire
$D for roughly
$67B
NextEra is offering the equivalent of around
$76/share to Dominion shareholders. NextEra is offering 0.8138 of its shares for each Dominion share. In addition, they will receive a 1-time cash payment of
$360M once the deal closes w/n next 18 months
NextEra shareholders will own ~75% of the company, w/ Dominion shareholders holding the rest.
Both Boards have approved
NextEra owns Florida Power & Light, the largest electric utility in the US, & is also one of the largest developers of power generation, battery storage & transmission. While long known as a clean-energy heavyweight, NextEra is increasingly leaning in to natl gas to meet surging power demands
Dominion has a large portfolio of gas-fired power plants and is sitting on a mountain of future electricity demand growth in Virginia. Dominion has connected more than 450 data centers in Virginia since it began keeping track, and last year that industry accounted for about 28% of its electricity sales in the state. Dominion operates regulated utilities in Virginia and the Carolinas, as well as power plants in other states that sell into wholesale markets.
NextEra said in Dec that it was teaming up with
$GOOGL Cloud to build big data-center campuses paired w/ power generation across the US. IIn October, both announced a deal to restart a NextEra nuclear reactor in Iowa that closed in 2020 following wind damage to a cooling tower
New AI data centers can each consume the same amount of electricity as 1,000 Walmarts, w/ demand around the clock.
NextEra advisiors: Lazard,
$BAC & WFC - Breakup Fee:
$6.52B or Regulatory Failure Fee:
$4.83B
Dominion:
$GS & JPM - Breakup Fee:
$2.24B
