NextEra’s $67B Merger with Dominion Will Forge Largest Regulated Utility
NextEra Energy is acquiring Dominion Energy in an all-stock transaction valued at about $67 billion, creating the world’s largest regulated electric utility by market capitalization. Dominion shareholders will receive 0.8138 NextEra shares per share plus a $360 million cash payment, resulting in a 25.5% ownership stake in the combined company.
1. Deal Structure and Valuation
NextEra Energy will acquire Dominion Energy through an all-stock transaction valued at approximately $67 billion. Dominion shareholders will receive 0.8138 NextEra shares for each Dominion share and a one-time $360 million cash payment at closing.
2. Combined Company Profile
The merged utility will serve about 10 million customer accounts across Florida, Virginia, North Carolina and South Carolina, operating the largest regulated electric business by market capitalization. Dominion’s regulated services include electricity to 3.6 million homes and businesses and natural gas to 500,000 customers.
3. Leadership and Governance
John Ketchum, NextEra’s CEO, will lead the combined company as chairman and CEO, with dual headquarters in Juno Beach, Florida and Richmond, Virginia. The board will consist of 14 directors, including 10 from NextEra and four from Dominion.
4. Transaction Timeline and Approvals
The merger has board approval and is expected to close in 12–18 months, subject to shareholder votes and regulatory clearances, including approval from the Nuclear Regulatory Commission.