I NEE/D You: A Utility Giant Emerges from Slumber. Analyzing M&A Scenario

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I NEE/D You: A Utility Giant Emerges from Slumber. Analyzing M&A Scenario

NORTH AMERICA | Power & Utilities EquityMayResearch17, 2026

I NEE/D You: A Utility Giant Emerges from Can Dominion shareholders get comfortable

taking NEE premium share currency? ThisSlumber. Analyzing M&A Scenario has been a core source of trepidation

FT reports potential NEE acquisition of D (mostly-stock) as soon as Monday. among utility executives and investors we

have spoken to over the years. This has

No terms yet but we would expect a material premium to entice D mgmt. At a been an underappreciated and underlying

+20% premium all-stock, we preliminarily model +4% EPS accretion for NEE and inhibiting factor about NEE securing utility

~8.5% EPS CAGR. Would improve NEE's business mix ~10pp to 82% regulated. M&A over the years. Not only have NEE

Strong logic for NEE; however, we wonder why D is willing to sell right as the shares outperformed by 11% YTD, the stock

has absolutely gained +24%. An all-cashprospects are improving rather than in the depths of the business review.

transaction could be more appealing in this

backdrop, thus we see a large premium as

$200Bn NEE close to a deal to buy the fifth largest $55Bn D. Late Friday evening, the Financial necessary to secure Dominion support. FT

Times (FT) reported that NextEra Energy (NEE) is in advanced discussion to acquire Dominion references partial cash bid too, but given

Energy (D) in a primarily stock deal. A deal could be announced as early as next week but a the size it may simply be unpalatable. NEE

transaction was not finalized. Bloomberg separately reported that a deal could come Monday. has been a known buyer for some time; the

Neither NEE nor D has commented. question is why now sell for Dominion?