US Company Dominion Energy declared on Wednesday that it would buy Scana Corp in a $14.6 billion deal in full equity, including Scana’s debts which sum up to $6.7 billion.
Scana shareholders will receive 0.6690 Dominion Energy shares for each Scana share in their possession, or about $55.35. The offer is a 42.4% premium, above the closing price of Scana on Tuesday of $38.87. Dominion Energy, a Virginia-based energy company, said it would pay customers of Scana’s South Carolina Electricity and Gas Company $1.3 billion within 90 days of completion.
South Carolina Electricity and Gas, the main energy supplier for residential areas and business customers, declared in November that it would cut electricity prices in an attempt to please customers who had unknowingly carried over expenses associated with a nuclear project abandoned. Dominion Energy said it would also write off existing capital and assets of more than $1.7 billion associated with abandoned nuclear plants. The deal is expected to be completed this year, the two companies said.
Airbus, the European aircraft maker, held its largest deal in history so far, selling 430 medium-range jet aircrafts. The contract was signed with Indigo and four low-cost airlines.
Indigo has multiple shares, the company said on Thursday. This contract is the biggest deal in Airbus’ history so far, worth $49.5 billion. However, the value of cuts in these kind of transactions is usually high. Airbus was downgraded by previous contracts last month at the Lufthansa Air Show in Dubai, but the current deal will ensure significant progress as it is added to the budget this year before the end.
The deal will lead to a significant boost in Airbus’s race with the US giant Boeing. The 430 A320s are on board the fleet of US company Frontier Airlines, Jet Smart (Chile), Polaris (Mexico) and Viz Air (Hungary), all of which Indigo Partners owns.