Deals
Dominion Wins State Approval for $7.9 Billion Scana Takeover
- Deal has been haunted by failed nuclear plant expansion
- Latest offer had backing from South Carolina House Speaker
The Dominion Resources Inc. Mount Storm Generating Station stands illuminated at dusk in Mount Storm, West Virginia.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Dominion Energy Inc.’s $7.9 billion takeover of a troubled South Carolina utility was approved by state regulators, clearing way for a deal that nearly collapsed over costs from a failed nuclear project.
The unanimous vote Friday comes nearly a year after Dominion proposed buying Scana Corp., which spent about $4.9 billion to expand the V.C. Summer nuclear plant then walked away when costs soared. Scana shares rose after the vote, closing up 6.3 percent. Dominion rose 1.1 percent.