Southern Selling Florida Assets to NextEra for $5.1 Billion [Bloomberg Business News]
Southern Company (The) (SO)
Last southern company (the) earnings: 4/30 06:30 am
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Source: Bloomberg Business News
Southern Co. will sell nearly all the assets it owns in Florida to NextEra Energy Inc. for $5.1 billion as the utility owner pushes to cut debt and pursue a long-delayed nuclear project. The sale, which includes Gulf Power and Florida City Gas, comes as Atlanta-based Southern has been forging ahead with plans for the first new U.S. nuclear power plant in decades, a project that’s faced construction delays and costs that have soared to more than $25 billion. Earlier this month Chief Executive Officer Tom Fanning told investors that Southern, which is down 10 percent this year, needed to raise cash to cut debt, boost utility returns and pay for the new reactors. NextEra, meanwhile, is buying into a region it knows well. “NextEra’s been in the market for a big acquisition for a long time,” Andrew Bischof, an analyst at Morningstar Inc., said in a interview. “For all the transactions that NextEra has gone after, this one makes the most sense.” Based
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SO
Earnings
- 5/2/24 - Beat
SO
Sec Filings
- 5/10/24 - Form 4
- 5/9/24 - Form 144
- 5/9/24 - Form 8-K
- SO's page on the SEC website