Scana, the South Carolina utility that last year abandoned its plan to build two of the first new commercial nuclear reactors in the US for 40 years, has accepted an all-share takeover offer from Dominion Energy valued at $14.6bn including debt. The deal, which is dependent on regulators approving Dominion’s plan to manage the remaining costs from the failed reactor project, comes after Scana was laid low by its ambitious attempt to expand its nuclear generation capacity.
FT 3rd Jan 2018 read more »
Dominion Energy will buy Scana Corp for $14.6bn (£10.8bn) including debt in a stock-for-stock deal, scooping up a utility battered by a failed nuclear project that has drawn scrutiny from US regulators. The acquisition will be the largest ever by Richmond, Virginia-based Dominion. Scana investors will receive 0.669 shares of Dominion for each share they own, valuing the stock at about $55.35. To win over regulators, Dominion is offering a $1,000 cash payment to the average residential customer and promising 5pc rate cuts to reflect gains from recent US tax legislation.
Telegraph 3rd Jan 2018 read more »
Scana, based in South Carolina, made an attractive target as the company’s market value plummeted after the utility halted expansion of its V.C. Summer nuclear plant in late July. The shares were trading at $48 at 8:47 a.m. in New York, after sitting above $70 as recently as June.
Bloomberg 3rd Jan 2018 read more »
Dominion Energy Inc (D.N) said on Wednesday it would buy Scana Corp (SCG.N) in an all-stock deal worth about $7.9 billion, offering the utility a way to appease customers and investors angered by the cost of a failed nuclear project.
Reuters 3rd Jan 2018 read more »