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  6. Progress Energy Acquires Florida Progress

M&A Deal Summary

Progress Energy Acquires Florida Progress

On August 23, 1999, Progress Energy acquired utilities company Florida Progress for 5.3B USD

Acquisition Highlights
  • This is Progress Energy’s 1st transaction in the Utilities sector.
  • This is Progress Energy’s largest (disclosed) transaction.
  • This is Progress Energy’s 1st transaction in the United States.
  • This is Progress Energy’s 1st transaction in North Carolina.

M&A Deal Summary
Date 1999-08-23
Target Florida Progress
Sector Utilities
Buyer(s) Progress Energy
Deal Type Add-on Acquisition
Deal Value 5.3B USD

Target

Florida Progress

Raleigh, North Carolina, United States
Florida Progress is a diversified utility holding company. Its principal subsidiary is Florida Power, an electric utility serving 1.3 million customers in Florida. Diversified operations include rail services, marine operations and coal mining.

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Buyer(S) 1

Buyer

Progress Energy

Raleigh, North Carolina, United States
Category Company
Founded 1925
Sector Utilities
Employees11,000
DESCRIPTION

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.

DEAL STATS #
Overall 1 of 1
Sector: Utilities M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: North Carolina M&A 1 of 1
Country: United States M&A 1 of 1
Year: 1999 M&A 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-04 Progress Rail

Albertville, Alabama, United States

Progress Rail is a provider of rail and transit products and services throughout North America.

Sell $405M
Mergr

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