Duke Energy Corp. is buying Progress Energy Inc. for more than $13 billion in stock in a deal that would create one of the nation's largest utilities.
The transaction announced Monday by the two North Carolina companies would create a business with about 7.1 million electric customers in North Carolina, South Carolina, Florida, Indiana, Kentucky and Ohio.
It would also have a sizable nuclear energy business.
Under the agreement, Progress Energy's shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock.
Based on Duke Energy's closing share price on Friday, Duke said Progress Energy shareholders would get stock worth about $46.48 per share, or $13.7 billion.