NextEra to Buy Dominion in $67B All-Stock Deal
NextEra will acquire Dominion Energy in a nearly $67 billion all-stock transaction, creating the world’s largest regulated utility with about $249 billion in market value.
NextEra Energy announced on Monday, May 18, that it will acquire Dominion Energy in an all-stock transaction valued at roughly $67 billion. The combined company will operate under the NextEra name and is projected to have about $249 billion in market capitalization after the deal closes.
Executives cited rising electricity demand and larger, more complex projects as drivers of the agreement. John Ketchum, NextEra’s chairman, president and CEO, wrote in a statement that “Electricity demand is rising faster than it has in decades” and that the deal will create capital and operating efficiencies that “translate into more affordable electricity for our customers.”
Dominion, based in Virginia, holds a large position in Northern Virginia’s data center market, a key location for hyperscale computing and cloud services. NextEra, based in Florida, is the largest developer of renewable energy in the United States and the largest utility company in the S&P 500. Prior to the announcement, Dominion’s market capitalization exceeded $50 billion and NextEra’s exceeded $190 billion.
Once the transaction closes, the combined company would rank as the third-largest energy company by market value, behind ExxonMobil and Chevron. The deal is structured as an exchange of shares, so Dominion shareholders will receive NextEra stock rather than cash. NextEra said it will retain its corporate name and current leadership team following the close.
The companies did not provide a specific closing date. The transaction will require regulatory approvals and customary closing conditions, and shareholder votes are expected. Analysts and investors will track how the combined firm addresses demand for new power capacity from large-scale computing projects, including artificial intelligence infrastructure.
Market-focused funds that include utilities will be affected because both companies are held in major sector ETFs. The State Street Utilities Select Sector SPDR ETF, which tracks the Utilities Select Sector Index, held both firms and listed NextEra as its largest position. As of May 15, NextEra represented 14.32% of that fund’s portfolio. The ETF was up 10.48% year to date through April 30, 2026.
