January 3, 2018 / 12:13 PM / 14 days ago

BRIEF-Dominion Energy and Scana Corp announce an all-stock merger

Jan 3 (Reuters) - Dominion Energy Inc:

* DOMINION ENERGY, SCANA ANNOUNCE ALL-STOCK MERGER WITH $1,000 IMMEDIATE CASH PAYMENT TO AVERAGE SOUTH CAROLINA ELECTRIC & GAS RESIDENTIAL ELECTRIC CUSTOMER AFTER CLOSING

* DOMINION ENERGY INC - INCLUDING ASSUMPTION OF DEBT, VALUE OF TRANSACTION IS APPROXIMATELY $14.6 BILLION

* DOMINION ENERGY INC - CO, SCANA TO COMBINE IN STOCK-FOR-STOCK MERGER

* DOMINION ENERGY - DEAL WOULD BE ACCRETIVE TO DOMINION‘S EARNINGS UPON CLOSING

* DOMINION ENERGY INC - ‍SCANA WOULD OPERATE AS A WHOLLY OWNED SUBSIDIARY OF DOMINION ENERGY​

* DOMINION ENERGY INC - SCANA SHAREHOLDERS TO GET 0.6690 SHARES OF DOMINION COMMON STOCK FOR EACH SHARE OF SCANA, EQUIVALENT OF $55.35/SHARE

* DOMINION ENERGY - MERGER WOULD INCREASE DOMINION ENERGY‘S COMPOUNDED ANNUAL EARNINGS-PER-SHARE TARGET GROWTH RATE THROUGH 2020 TO 8 PERCENT OR HIGHER

* DOMINION ENERGY INC - ‍COMBINED COMPANY WOULD OPERATE IN 18 STATES FROM CONNECTICUT TO CALIFORNIA​

* DOMINION ENERGY - TO FUND $1.3 BILLION OF CASH PAYMENTS TO ALL SCE&G ELECTRIC CUSTOMERS WITHIN 90 DAYS AFTER DEAL CLOSING

* DOMINION ENERGY INC - SCANA SHAREHOLDERS TO RECEIVE 0.6690 SHARES OF CO‘S COMMON STOCK FOR EACH SHARE OF SCANA, EQUIVALENT OF ABOUT $7.9 BILLION

* DOMINION ENERGY - SCANA, CO WILL FILE FOR REVIEW AND APPROVAL FROM PUBLIC SERVICE COMMISSIONS OF SOUTH CAROLINA, NORTH CAROLINA, GEORGIA FOR DEAL

* DOMINION ENERGY - UPON CLOSING OF MERGER, SCANA SHAREHOLDERS WOULD OWN AN ESTIMATED 13 PERCENT OF COMBINED COMPANY

* DOMINION ENERGY INC - TRANSACTION STRUCTURE CONTEMPLATES THAT RECEIPT OF DOMINION ENERGY SHARES WILL BE TAX-DEFERRED FOR SCANA SHAREHOLDERS

* DOMINION ENERGY - EXPECT DEAL TO LOCK IN IMMEDIATE SAVINGS FOR SCE&G CUSTOMERS, “GUARANTEE A RAPIDLY DECLINING IMPACT FROM THE V.C. SUMMER PROJECT” Source text for Eikon: Further company coverage:

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