Kirkland Advises NextEra Energy on Combination with Dominion Energy at $420 Billion Enterprise Value

Kirkland & Ellis advised NextEra Energy (NYSE: NEE) on its definitive agreement to combine with Dominion Energy, Inc. (NYSE: D) in all-stock transaction with an enterprise value of approximately $420 billion and a market cap of approximately $249 billion. The combination creates the world's largest regulated electric utility business by market capitalization and one of the world's largest energy infrastructure companies.

The combined company will be more than 80% regulated, serve approximately 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina and own 110 gigawatts (GW) of generation, the largest in U.S., across a broad mix of energy sources. The combined company will be an industry leader in nearly every category, including No. 1 in the world in renewables and battery storage, No. 1 in the U.S. in total generation, gas generation, rate base and market capitalization, and No. 2 in the U.S. in nuclear generation.

Dominion Energy shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra Energy for each share of Dominion Energy they own at the close of the transaction, resulting in NextEra Energy and Dominion Energy shareholders owning approximately 74.5% and 25.5% of the combined company, respectively. The transaction is expected to close in the second half of 2027, subject to customary closing conditions and approvals.

Read the transaction press release

The Kirkland team included corporate lawyers David Feirstein and Zach Savrick; energy regulatory lawyer Brooksany Barrowes; corporate lawyers Andy Calder; corporate lawyers Nick Lewis, Phil Greenfield, Samantha Siegler, Andrew Watson, Matias Joseph, Zach Sheehan, Braxton Iden and Ben Samway; capital markets lawyers Julian Seiguer, Sara Lampert, Kristin Kluding, Robbie Dillard and Chase Bortel; debt finance lawyers Rachael Lichman, Grant Bowen and Will Zakhary; energy regulatory lawyers John Decker, Damien Lyster, Darren Fernandez, Drew Stuyvenberg, Andrew DeVore, Ethan Heben, Cassidy Hall and Kevin Hivick; executive compensation lawyers Stephen Jacobson and Brandon Newman; employee benefits lawyer Justin Coddington; tax lawyers Sara Zablotney, Jonathan Macke, Rebecca Fine and Grant Solomon; and environmental transactions lawyer Paul Tanaka.