M&A Deal Summary

NextEra Energy Acquires Trans Bay Cable

On November 19, 2018, NextEra Energy acquired energy services and equipment company Trans Bay Cable for 1.0B USD

Acquisition Highlights
  • This is NextEra Energy’s 1st transaction in the Energy Services and Equipment sector.
  • This is NextEra Energy’s 2nd largest (disclosed) transaction.
  • This is NextEra Energy’s 5th transaction in the United States.
  • This is NextEra Energy’s 1st transaction in California.

M&A Deal Summary
Date 2018-11-19
Target Trans Bay Cable
Sector Energy Services and Equipment
Buyer(s) NextEra Energy
Deal Type Add-on Acquisition
Deal Value 1.0B USD
Advisor(s) RBC Capital Markets (Financial)
Winston & Strawn (Legal)

Target

Trans Bay Cable

San Francisco, California, United States
Trans Bay Cable LLC is a 53-mile, high-voltage direct current underwater transmission cable system with utility rates set by the Federal Energy Regulatory Commission (FERC) and revenues paid by the California Independent System Operator. The cable system extends from Pittsburg, California, to San Francisco, California, and provides approximately 40 percent of the electrical power used on a daily basis in San Francisco and its surrounding areas. TBC was developed and approved in response to a 1998 blackout in the Bay Area, which demonstrated a need for the greater resiliency of the electric grid in that region.

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Buyer(S) 1

Buyer

NextEra Energy

Juno Beach, Florida, United States
Category Company
Founded 1925
Sector Utilities
Employees16,800
Revenue 28.1B USD (2023)
DESCRIPTION

NextEra Energy is a clean energy company, more than 42,000 megawatts of generating capacity. NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.6 million customer accounts in Florida. NextEra Energy was founded in 1925 and is based in Juno Beach, Florida.

DEAL STATS #
Overall 5 of 5
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (California) 1 of 1
Country (United States) 5 of 5
Year (2018) 2 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-21 Southern - Florida Assets

Florida, United States

Southern Co. - Florida Assets include Gulf Power Company and the entities holding Southern Power's interests in Plant Oleander and Plant Stanton provide customer-focused business models and strong commitments to safety, reliability, customer service and community engagement.

Buy $6.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-26 Florida City Gas

Doral, Florida, United States

Florida City Gas serves approximately 120,000 residential and commercial natural gas customers across eight counties in Florida, including Miami-Dade, Broward, Brevard, Palm Beach, Hendry, Martin, St. Lucie, and Indian River. Its natural gas system includes approximately 3,800 miles of distribution main and 80 miles of transmission pipe. Florida City Gas is based in Doral, Florida.

Sell $923M
Mergr

Product

Company

Legal