Summary
Dominion Energy, Inc. has officially completed its acquisition of SCANA Corporation through a merger, effective January 1, 2019. Under the terms of the merger agreement, each outstanding share of SCANA common stock was exchanged for 0.6690 shares of Dominion Energy common stock. This transaction signifies a significant consolidation in the energy sector, integrating SCANA's operations into Dominion Energy's portfolio. Investors should note that fractional shares will be settled in cash, and SCANA's equity awards have vested and been converted based on the merger consideration. The company also disclosed the financial implications of this merger, including the filing of SCANA's audited and unaudited financial statements, as well as Dominion Energy's pro forma financial information. This 8-K filing serves as the official notification of the merger's completion and provides key financial data for investors to assess the combined entity's financial standing.
Key Highlights
- 1Dominion Energy, Inc. has successfully completed the acquisition of SCANA Corporation via a merger, effective January 1, 2019.
- 2SCANA Corporation is now a wholly-owned subsidiary of Dominion Energy, Inc.
- 3SCANA common stock shareholders will receive 0.6690 shares of Dominion Energy common stock for each SCANA share owned.
- 4Approximately 95.6 million shares of Dominion Energy common stock will be issued to former SCANA shareholders.
- 5Cash payments will be made for any fractional shares of Dominion Energy common stock.
- 6SCANA's outstanding performance share and restricted stock awards have vested and been converted into cash payments.
- 7The filing includes financial statements for SCANA Corporation (audited and unaudited) and pro forma financial information for Dominion Energy.