D .. NEE .. The tape doesn't lie.
NextEra Energy is buying Dominion Energy in an all-stock deal valued at ~$67 billion — 0.8138 NEE shares per D share plus a pro rata slice of a $360 million one-time cash payment at close.
Implied value per D share at Friday's NEE close: ~$76.18.
D up 14.5% pre-market. NEE absorbs the dilution.
The strategic read: this is an AI infrastructure trade dressed in utility clothing. Data centers need power. Lots of it. NEE just acquired the transmission and distribution spine running through Virginia, North Carolina, and South Carolina — ground zero for hyperscaler buildout.
Combined entity serves ~10 million customer accounts, runs a $138 billion regulated rate base growing at an 11% clip through 2032. World's largest regulated electric utility by market cap.
The regulatory gauntlet is real — FERC, NRC, three state commissions, two shareholder votes. Timeline is 12 to 18 months. NEE put up a $4.83 billion termination fee tied to regulatory failure. That's not a rounding error. They want this deal.
Watch NEE's open. The implied D value moves tick for tick with it until close.