By Tampa Bay Business Journal

Boards at Progress Energy and Duke Energy have unanimously approved a definitive merger agreement to combine the two companies in a stock-for-stock transaction said to be valued at $13 billion.

The combined company, to be called Duke Energy Corp., will be the countryâ¿¿s largest utility, with:

â¿¢ Roughly $65 billion in enterprise value and $37 billion in market capitalization

â¿¢ The countryâ¿¿s largest regulated customer base, providing service to approximately 7.1 million electric customers in Florida and five other regulated service territories, including North Carolina, South Carolina, Indiana, Kentucky and Ohio

â¿¢ Nearly 57 gigawatts of domestic generating capacity from a diversified mix of coal, nuclear, natural gas, oil and renewable resources

â¿¢ The largest regulated nuclear fleet in the country

Headquartered in Charlotte N.C., Duke Energy (NYSE: DUK) is a Fortune 500 company. Progress Energy (NYSE: PGN), headquartered in Raleigh N.C., is a Fortune 500 energy company with roughly 22,000 megawatts of generation capacity and approximately $10 billion in annual revenues.

Progress Energy Florida is headquartered in St. Petersburg and provides electricity and related services to more than 1.6 million customers in St. Petersburg, Clearwater and the central Florida area surrounding Orlando.

William D. Johnson, 56, is slated to be president and chief executive officer of the merged company, The new Duke Energy board will be comprised of 18 directors, 11 designated by Duke Energy, including the lead director, and 7 designated by Progress Energy.

Copyright 2011 American City Business Journals

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