• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 1 hour China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 5 hours US to Drown the World in Oil
  • 6 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 13 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 7 hours Iran Is Winning Big In The Middle East
  • 2 hours The Rarely Revealed Part of the Nuclear Problem
  • 5 hours With Global Warming Greenland is Prime Real Estate
  • 6 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 45 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 10 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 15 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 12 hours LA Solar Power/Storage Contract
  • 2 hours Trump cancels Denmark visit amid spat over sale of Greenland
  • 10 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources

Dominion Energy, SCANA To Merge In $7.9B All-Stock Deal

Dominion sign

Dominion Energy and SCANA Corporation have agreed to merge in a stock-for-stock deal worth US$7.9 billion, Dominion Energy said on Wednesday.

Including assumption of debt, the value of the transaction is around US$14.6 billion, the companies say, expecting the deal to be closed in 2018, pending regulatory and shareholder approvals.

Under the terms of the transaction, SCANA shareholders will receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock—the equivalent of $55.35 per share.

Shortly after the announcement of the proposed merger, SCANA shares were up more than 21 percent pre-market on the NYSE at 8:37 a.m., while Dominion shares were down 5 percent.

South Carolina-based SCANA abandoned last year efforts to build two nuclear units and canceled the twin unit V.C. Summer nuclear project in Jenkinsville, South Carolina.

The agreement between Dominion and SCANA announced today also “calls for significant benefits to SCANA’s South Carolina Electric & Gas Company subsidiary (SCE&G) electric customers to offset previous and future costs related to the withdrawn V.C. Summer Units 2 and 3 project,” Dominion said.

Those benefits include a US$1.3-billion cash payment within 90 days upon completion of the merger to all customers, worth US$1,000 for the average residential electric customer.

The proposed merger hinges on approvals by SCANA’s shareholders, the U.S. Federal Trade Commission (FTC)/the U.S. Department of Justice (DOJ) under the Hart-Scott-Rodino Act, and authorization of the Nuclear Regulatory Commission (NRC), and Federal Energy Regulatory Commission (FERC).

Related: U.S. Rig Count Falls Slightly As Canada’s Rig Count Tanks

“SCANA is a natural fit for Dominion Energy,” Dominion’s chairman, president and CEO, Thomas F. Farrel II, said.

“Joining with Dominion Energy strengthens our company and provides resources that will enable us to once again focus on our core operations and best serve our customers,” said Jimmy Addison, chief executive of SCANA.

Upon completion of the merger, the combined company would deliver energy to some 6.5 million regulated customer accounts in eight states and have an electric generating portfolio of 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. The new company would also have a natural gas pipeline network totaling 106,400 miles and would operate one of the largest natural gas storage systems in the U.S. with 1 trillion cubic feet of capacity.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play