NextEra Dominion merger plans would combine NextEra Energy Inc. (NYSE: NEE) and Dominion Energy Inc. (NYSE: D) in an all-stock deal valued at $66.8 billion.
The companies announced the agreement on Monday. If approved, the deal would create one of the world’s largest electric utilities as AI data centres lift power demand.
Dominion shareholders will receive 0.8138 NextEra shares for each Dominion share. Reuters calculations valued Dominion at $75.97 per share, or about a 23% premium.
The combined company would have an enterprise value of about $420 billion and a market value near $249 billion, NextEra CEO John Ketchum said on an investor call.
The deal gives NextEra deeper access to Virginia’s Data Centre Alley. Dominion has nearly 51 gigawatts of contracted data centre capacity and counts Alphabet, Amazon, Microsoft and Meta among its customers.
Executives said proposed data centre connections to both utilities total about 130 gigawatts of demand. One gigawatt can power about 750,000 homes.
Regulatory scrutiny still lies ahead. The transaction needs shareholder votes and approvals from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and state utility regulators.
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Meanwhile, NextEra plans to issue $2.25 billion in bill credits to Dominion customers in Virginia, North Carolina and South Carolina over two years after the closing.
NextEra Energy agreed to buy Dominion Energy in a $66.8 billion all-stock deal tied to rising electricity demand from AI and data centres.
