NextEra Energy to Acquire Dominion Energy in Record $67 Billion Stock Deal

NextEra Energy Inc. has reached an agreement to acquire Dominion Energy Inc. for approximately $67 billion in stock, a transaction that would create the largest power utility in the United States. The deal, announced Monday, values Dominion at roughly $76 per share, representing a 23% premium over its closing price on Friday. The merger is designed to scale operations to meet a surge in electricity demand fueled by artificial intelligence data centers, primarily in the Virginia corridor.

The acquisition is expected to rebalance NextEra’s business portfolio, resulting in a company where 80% of operations are within the regulated utility sector. Following the announcement, Dominion’s stock rose 9.1% to $67.35 in New York trading, while NextEra shares fell 6.1% to $87.71. Executives project the combination will generate more than 9% growth in adjusted per-share earnings through 2032.

NextEra Chief Executive Officer John Ketchum will lead the combined organization, while Dominion CEO Bob Blue is set to head the regulated utilities business. To mitigate the impact of rising costs on consumers, the companies have proposed providing $2.25 billion in bill credits to Dominion’s 3.6 million customers over the next two years. Dominion currently provides electricity to homes and businesses across Virginia, North Carolina, and South Carolina.

The merger is subject to oversight from the Federal Energy Regulatory Commission, the Department of Justice, and various state regulators. Officials anticipate the deal will close within 12 to 18 months. Financial advisers for the transaction include Lazard, Bank of America, and Wells Fargo for NextEra, with Goldman Sachs and JPMorgan Chase & Co. advising Dominion.