A deal between Duke Energy Corp. and Progress Energy Inc. could provide a big boost to both companies' nuclear-power ambitions.
Duke and Progress agreed to an all-stock merger Monday, valued at about $13.7 billion
Under the deal, Duke will exchange 2.6125 of its shares for each of Progress' shares. Based on Duke's closing share price Friday, Progress shareholders would receive $46.48 a share, a 3.9% premium to Progress's closing price of $44.72 Friday. The suitor will also assume about $12.2 billion in debt. The transaction is expected to boost Duke's adjusted earnings in the first year after closing—targeted by the end of the year. Duke plans to effect a reverse stock split immediately after the close.
The combined company will serve 7.1 million electric customers with a mix of coal, natural gas, oil and renewable resources. It will also have what the companies called the nation's largest regulated nuclear fleet.
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