Duke Energy acquiring Progress Energy, forming largest energy company in US
Posted on 10 Jan 2011 by Justin Ruckman
The combined company will retain Duke Energy’s name, and place Progress CEO William Johnson (56 yrs old) as the new CEO, replacing current Duke Energy CEO Jim Rogers (63).
The new Duke Energy will have a market value of $36 billion, producing 56,000 megawatts of power.
The merger will be officially announced on Monday, Jan 10.
“Duke Energy and Progress Energy on Monday morning will announce a merger that will base the headquarters of the combined N.C. companies in Charlotte and make it the nation’s biggest utility with 7.1 million customers, a person familiar with the situation said this evening.
Charlotte-based Duke’s all-stock purchase of the smaller Raleigh utility would offer a “modest premium” to Progress’ share price, which closed Friday at $44.72 and set a market value of $13.1 billion.
The deal would leave Progress with a significant presence in Raleigh and accelerate Charlotte’s efforts to build an energy hub in the region.”
Read more by Patrick Scott and Bruce Henderson at the Observer.