Dominion Energy, Inc. and SCANA Corporation have announced an agreement for the companies 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, the equivalent of US$55.35 per share, or about US$7.9 billion based on Dominion Energy's volume-weighted average stock price of the last 30 trading days ended 2 January 2018. Including assumption of debt, the value of the transaction is approximately US$14.6 billion.
The agreement 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Electric & Gas Company subsidiary (SCE&G) electric customers to offset previous and future costs related to the withdrawn V.C. Summer Units 2 and 3 project. After the closing of the merger and subject to regulatory approvals, this includes:
