NextEra to buy Dominion in $67bn deal creating US utility giant

NextEra, a US energy giant, announced on Monday that it will buy Dominion Energy in a $67bn deal, creating what the companies say will be the world’s largest regulated utility business. The deal comes as the appetite for energy sources has swelled with the construction of massive datacenters across the country, built largely to supply rising demand for AI. If approved by state and federal regulators, the deal would be one of the largest mergers in Donald Trump ’s second term. NextEra joins other companies across different industries, from entertainment to tech and railroads , who have instigated enormous mergers and acquisitions under a presidential administration that appears open to megadeals. The combined company would serve around 10m utility customer accounts across a handful of southern states, including North Carolina, South Carolina , Florida and Virginia. The boards of directors at both companies unanimously approved the deal, which would be an all-stock transaction in which NextEra Energy shareholders would own about three-quarters of the combined company, while Dominion Energy shareholders own the rest. NextEra’s stock dropped more than 5% after the announcement, while Dominion Energy’s stock rose just under 10%. In a statement on Monday, the companies tied the merger directly to improving affordability and said that the combined company proposed $2.25bn in bill credits spread over two years once the deal closes. …