Duke Energy Corp. is acquiring Progress Energy Inc. for over $13 billion, making way for one of the country’s largest utilities.
The Associated Press reports that Duke on Monday announced its plans to buy $13 billion in Progress stock. The agreement would offer Progress shareholders 2.6125 shares of Duke common stock in exchange for each share of Progress common stock.
Duke said Progress shareholders would receive stock worth about $46.48 per share based on Friday’s closing numbers.
The buyout would create a utility company with 7.1 million electric customers in North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio.
The electric company would have a sizable business in nuclear energy, AP reports.
The news drove Progress shares up 68 cents to $45.40 in pre-market trading Monday. Duke shares lifted 5 cents to $17.84.