By Orlando Business Journal

Duke Energy (NYSE: DUK) and Progress Energy Inc. (NYSE: PGN) announced Jan. 10 that both companiesâ¿¿ boards of directors unanimously approved a definitive merger agreement to combine the two companies in a stock-for-stock transaction.

The $26 billion transaction will create the nationâ¿¿s largest utility. The combined company, to be called Duke Energy, will be the countryâ¿¿s largest utility, providing service to approximately 7.1 million electric customers in six regulated service territories, including Florida, North Carolina, South Carolina, Indiana, Kentucky and Ohio.

To read the entire release, click here.

Copyright 2011 American City Business Journals

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