Dominion Energy (D) Hits Fresh Record High on NextEra Merger

Dominion Energy Inc. (NYSE:D) is one of the 10 Stocks Making Monster Moves.

Dominion Energy soared to a new three-year high on Monday, as investors gobbled up shares following news that it is merging with NextEra Energy, potentially creating the largest regulated power distribution utility company globally.

At intra-day trading, the stock surged to a record high of $68.97 before trimming gains to end the day just up by 9.44 percent at $67.56 apiece.

In an updated report, Dominion Energy Inc. (NYSE:D) said that it is combining with NextEra Energy in an all-stock transaction, with the latter the surviving entity. Dominion will then cease to trade on the New York Stock Exchange.

Under the terms of the agreement, shareholders of Dominion Energy Inc. (NYSE:D) are set to receive 0.8138 shares of NextEra per share they own. NextEra shareholders will effectively own 74.5 percent of the combined firm, while Dominion Energy Inc. (NYSE:D) shareholders will represent the remaining 25.5 percent.

The combined firm will be more than 80 percent regulated and serve approximately 10 million customer accounts across Florida, Virginia, North Carolina, and South Carolina. It would boost its generation of a broad mix of energy sources to a total of 110 GW.

The combined company is also planning to release some $2.25 billion in bill credits for Dominion customers in Virginia, North Carolina, and South Carolina for two years after the merger completion.

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