NextEra's Dominion merger carries $62.1 billion stock-and-cash price tag
Pro forma figures put the estimated consideration for NextEra's pending Dominion Energy merger at $62.11 billion, with 0.8138 NextEra shares and $360 million in cash per Dominion share.
Key takeaways
- NextEra Energy (NEE) has published pro forma financial information for its pending merger with Dominion Energy. Each Dominion share would receive 0.8138 NextEra shares and $360 million in cash in aggregate. The estimated merger consideration is $62.11 billion, and the deal remains subject to regulatory approvals and other closing conditions.
NextEra (NEE) put the estimated consideration for its pending Dominion Energy merger at $62.11 billion in preliminary pro forma figures. The income figures assume the merger was completed on Jan. 1, 2025, and the balance sheet is as of Sept. 30, 2026.
Shares fell 1.8% at 9:51 a.m. ET, from an $88.25 close.
The agreement, signed May 15, runs through a NextEra merger subsidiary that merges into Dominion Energy, with the survivor then merging into a second NextEra subsidiary. Each Dominion Energy share converts into 0.8138 NextEra shares plus a pro rata share of $360 million in cash. The stock covers about 738 million NextEra shares, valued at $61.75 billion at the Oct. 30, 2026 close of $83.71. A 10% change in NextEra's share price would move the estimate by $6.17 billion.
NextEra is the accounting acquirer. Preliminary goodwill is $35.70 billion and is not tax deductible, against estimated net assets acquired of $26.41 billion.
NextEra has committed to more than $2.25 billion in customer bill credits after closing, over 48 months for residential customers in Virginia and 24 months in North Carolina and South Carolina. It will also raise charitable giving by $10 million a year for at least five years and fund a new $100 million workforce development fund in Virginia.
Merger transaction costs are estimated at about $500 million, with about $250 million expected to be paid at closing. Before closing, Dominion Energy must redeem its Series C preferred stock for $991 million.
Closing requires expiration or termination of the Hart-Scott-Rodino waiting period, approvals from the Federal Energy Regulatory Commission and the U.S. Nuclear Regulatory Commission, approvals from regulators in Virginia, North Carolina and South Carolina, and approval to list the new NextEra shares on the New York Stock Exchange.
On a combined basis, operating revenues were $36.78 billion for the nine months ended Sept. 30, 2026, and $43.17 billion for 2025.
The registration statement was declared effective July 23, and joint proxy materials began mailing to shareholders on or about July 28.