Duke Energy, based in Charlotte, is set to announce Monday that it is buying Raleigh-based Progress Energy, three sources have confirmed. The all-stock deal that would unite North Carolina's largest power companies and create the nation's largest electric utility with 7.1 million customers.
The companies plan to announce the merger in Charlotte tomorrow morning. Regulatory approval is expected this year. Sources confirmed the deal Sunday to The News & Observer and The Charlotte Observer.
The imminent deal was earlier reported The Wall Street Journal, New York Times and Financial Times.
According to reports, Duke would pay a "low premium" for Progress's shares, with a deal valued between $24 billion and $26 bilion, including $11.4 billion in Progress's long-term debt. Progress shares closed Friday at $44.72.