Florida-based energy company NextEra (NEE) is on its way to becoming the world's largest regulated electric company, as it is set out to acquire Virginia-based Dominion Energy (D) on May 18. The combined entity will possess a power generation capacity of 110 GW across multiple renewable and non-renewable energy sources, with a geographic footprint across states such as Florida, Virginia, North Carolina, and South Carolina, and a customer base of about 10 million.
For every share of Dominion Energy held, its shareholders will receive 0.8138 shares of NextEra. Overall, NextEra and Dominion will own 74.5% and 25.5% of the new company, respectively. Shares of the respective companies responded within the typical contours of an event-based M&A deal, with shares of Dominion ending 9.44% higher on May 18's trading session. In contrast, shares of NextEra were down 4.63%.
