Deals
Dominion to Buy Scana for $7.9 Billion After Nuclear Flop
- Deal is the latest in string of massive utility mergers
- Stagnant electricity prices, tight profit margins stoked spree
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Dominion Energy Inc. will buy Scana Corp. for $7.9 billion in a stock-for-stock deal, scooping up a utility battered by a failed nuclear project that’s drawn scrutiny from federal and state regulators.
The acquisition would be the largest ever by Richmond, Virginia-based Dominion. Scana investors get 0.669 shares of Dominion for each share they own, valuing the stock at about $55.35. To win over regulators, Dominion is offering $1,000 payments to the average residential customer and promising 5 percent rate cuts to reflect gains from U.S. tax legislation. South Carolina Governor Henry McMaster called the deal a step “in the right direction.”