Dominion Energy, Inc. and SCANA Corporation have reached an agreement to combine in a stock-for-stock merger, in which SCANA shareholders would receive 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock. Including assumption of debt, the value of the transaction is approximately $14.6 billion.
Under the terms of the agreement, SCANA will operate as a wholly owned subsidiary of Dominion Energy and maintain its significant community presence, local management structure and the headquarters of its SCE&G utility in South Carolina. In addition, Dominion Energy will provide funding for $1 million a year in increased charitable contributions in SCANA’s communities for at least five years, and SCANA employees would have employment protections until 2020.
The transaction is accretive to Dominion Energy’s earnings upon closing, which is expected in 2018 upon receipt of regulatory and shareholder approvals.