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Update: Duke Energy Closes Deal To Buy Progress Energy

7:22 AM, Jan 10, 2011   |    comments
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New York, NY -- Duke Energy Corp. closed a deal to buy utility holding company Progress Energy Inc. for more than $13 billion, according to the Associated Press.

An announcement of the all-stock deal came early Monday. As of Sunday night, the Wall Street Journal reported final details were still being negotiated and the deal could still fall apart.

Both of the companies have big investments in nuclear power projects and are based in North Carolina.

MAP: See the territory lines between the two

One person told the Journal that including $11.4 billion in Progress's long-term net debt and excluding the $691 million in cash it had as of Sept. 30, the total deal value is $24 billion to $26 billion.

Progress shares closed at $44.72, up 82 cents, Friday, while Duke was up 5 cents at $17.79.

 

 

 

AP

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