NEXTERA ENERGY INC acquired Dominion Energy, Inc. for All-stock; fixed exchange ratio of 0.8138 NextEra shares per Dominion share — NextEra/Dominion holders to own ~74.5%/25.5% of the combined company, a transaction announced in May 2026, structured as all stock. The deal was a Merger.
Dominion Energy, Inc. operates in Regulated electric utility / energy infrastructure, is based in Richmond, Virginia (serving Virginia, North Carolina and South Carolina). NextEra agreed to combine with Dominion Energy, the Virginia-based regulated utility serving customers in Virginia, North Carolina and South Carolina, in a two-step merger (Merger Sub Corp into Dominion, then the survivor into LLC Sub). The companies described the combination as creating the world's largest regulated electric utility business by market capitalization, with a combined rate base of about $138 billion expected to grow ~11% through 2032 and operations more than 80% regulated.
Dominion shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra Energy for each Dominion share; the all-stock transaction is expected to be tax-free to shareholders and immediately accretive at closing to adjusted earnings per share, with about $2.25 billion in proposed customer bill credits spread over two years post-close.
Adds a large, growing regulated rate base in four of the fastest-growing U.S. states and an offshore-wind platform, lifting combined operations to more than 80% regulated. Enhanced scale in operations, procurement, construction and financing; improved credit-rating thresholds for NextEra and improved ratings/lower financing costs for Dominion; ~$2.25 billion in proposed customer bill credits over two years post-close. Dominion's regulated utilities to continue operating as Dominion Energy Virginia, Dominion Energy North Carolina and Dominion Energy South Carolina; dual headquarters in Florida and Virginia, operational headquarters in South Carolina.
This is a historic moment for our two companies and for the states we are privileged to serve. Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever — not for the sake of size, but because scale translates into capital and operating efficiencies.John Ketchum, Chairman, President and CEO, NextEra Energy
The Dominion Energy name isn't changing, nor is how we operate locally, serve our customers or engage with the community. The same leaders and the same teams customers know and trust will continue serving Virginia, North Carolina and South Carolina.Robert Blue, Chair, President and CEO, Dominion Energy
Advisory firms were not disclosed for this transaction.