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Duke Energy to buy Progress Energy


RALEIGH, NC (NEWS RELEASE) -- Duke Energy (NYSE: DUK) and Progress Energy (NYSE: PGN) announced today that both companies’ Boards of Directors have unanimously approved a definitive merger agreement to combine the two companies in a stock-for-stock transaction.

The combined company, to be called Duke Energy, will be the country’s largest utility, with:

* Approximately $65 billion in enterprise value and $37 billion in market capitalization
* The country’s largest regulated customer base, providing service to approximately 7.1 million electric customers in six regulated service territories -- North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio
* Approximately 57 gigawatts of domestic generating capacity from a diversified mix of coal, nuclear, natural gas, oil and renewable resources
* The largest regulated nuclear fleet in the country.
* $26 Billion Transaction Will Create Nation’s Largest Utility with a Combined Enterprise Value of Approximately $65 Billion
* Diversified Generation Portfolio in Six Regulated Service Territories
* Transaction Expected to be Accretive to Adjusted Diluted Earnings in First Year

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