NextEra Energy agrees to acquire Dominion Energy for around $67 billion in all-stock deal, creating world's largest regulated electric utility by market capitalization.

NextEra Energy (NEE) agreed on May 18 to acquire Dominion Energy (D) in an all-stock deal valued at around $67 billion. NextEra shareholders will own approximately 74.5% of the combined enterprise, which carries a total enterprise value of roughly $420 billion. Management targets 9% or better adjusted EPS growth for the combined company through 2032, extending the same target through 2035.

The combined company will hold a 130-gigawatt large-load pipeline, integrating NextEra's renewables and development platform with Dominion's presence in Northern Virginia's "Data Center Alley," the world's largest concentration of data centers. The Dominion combination includes an 11% regulatory capital employed growth target through 2032, anchored by a $138 billion rate base that would be the largest in the industry.

NextEra Energy stock carries 10 Buy ratings, 3 Outperforms, 7 Holds, and 1 Sell, with a Street mean target of around $99, implying roughly 15% upside from the current $86 price. The TIKR model values NextEra Energy stock at approximately $137 by December 2030, implying around 130% total return from the current price of $86, or approximately 11% annualized over 4.6 years. The 7 Hold ratings reflect regulatory approval risk: the deal requires approval from FERC and utility commissions in Virginia, North Carolina, and South Carolina.