Deals
Southern Slims Down After Bets on Big Projects Fail to Pay Off
- Company sells Florida utilities to NextEra for $5.1 Billion
- Southern needs cash after stumbles with clean-coal, nuclear
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Southern Co., which has spent billions of dollars to expand its U.S. utility empire, is now retrenching.
The company said Monday it was selling nearly all the assets it owns in Florida to NextEra Energy Inc. for $5.1 billion as it pushes to cut debt from its acquisitions and complete a long-delayed nuclear project. The sale, which includes Gulf Power and Florida City Gas, will allow Southern to trim $3 billion from amount it needs to raise over the next five years.