M&A Deal Summary

Duke Energy Acquires Progress Energy

On July 2, 2012, Duke Energy acquired utilities company Progress Energy for 32.0B USD

Acquisition Highlights
  • This is Duke Energy’s 2nd transaction in the Utilities sector.
  • This is Duke Energy’s largest (disclosed) transaction.
  • This is Duke Energy’s 6th transaction in the United States.
  • This is Duke Energy’s 3rd transaction in North Carolina.

M&A Deal Summary
Date 2012-07-02
Target Progress Energy
Sector Utilities
Buyer(s) Duke Energy
Deal Type Merger
Deal Value 32.0B USD
Advisor(s) Lazard Ltd.
Barclays Investment Bank (Financial)
Hunton & Williams LLP (Legal)

Target

Progress Energy

Raleigh, North Carolina, United States
Progress Energy is a diversified energy company with more than 24,000 megawatts of generation capacity. Energy also includes non-regulated operations covering merchant generation, energy marketing, natural gas exploration, fuel extraction, rail services and broadband capacity.

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Buyer(S) 1

Buyer

Duke Energy

Charlotte, North Carolina, United States
Category Company
Founded 1904
Sector Energy Services and Equipment
Employees27,859
Revenue 29.1B USD (2023)
DESCRIPTION

Duke Energy is an electric power holding companies in the United States. Its regulated utility operations serve approximately 4 million customers located in five states in the Southeast and Midwest, representing a population of approximately 11 million people. Its commercial power and international business segments own and operate diverse power generation assets in North America and Latin America, including a growing portfolio of renewable energy assets in the United States. Duke Energy was incorporated in 1904 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 7 of 12
Sector (Utilities) 2 of 2
Type (Merger) 1 of 1
State (North Carolina) 3 of 4
Country (United States) 6 of 11
Year (2012) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Cimarron 2 Wind Project

United States

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-27 Broad River Energy

Gaffney, South Carolina, United States

Broad River Energy is an 850 MW dual-fuel, simple-cycle power generation facility located in Gaffney, South Carolina that is fully committed to Duke Energy Progress under two long-term tolling agreements. Broad River utilizes 5 GE 7FA.03 gas turbine generators for the generation of electrical power. The units can be on the grid and supplying power within 15 minutes to help serve peak and emergency loads.

Sell $427M
Mergr

Product

Company

Legal