Wachtell, Hunton Rep Duke, Progress In $26B Merger

Law360, New York (January 10, 2011, 12:56 PM EST) -- Duke Energy Corp. will give shareholders of Progress Energy Inc. $13.7 billion in equity value as part of a merger between the utilities announced Monday, representing a total value of about $26 billion.

The combination will form the U.S.'s largest utility, representing $65 billion in enterprise value and serving about 7.1 million customers in territories across the South and Midwest including North Carolina, South Carolina and Florida, according to the companies.

The combined company would be called Duke Energy and headquartered in Charlotte, N.C., at the...
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