NEXTERA ENERGY INC acquires Gulf Power Company, Florida City Gas and Oleander/Stanton gas plants (from Southern Company)

NEXTERA ENERGY INC acquired Gulf Power Company, Florida City Gas and Oleander/Stanton gas plants (from Southern Company) for approximately $6.475 billion, including assumption of approximately $1.4 billion of Gulf Power debt, a transaction announced in May 2018, structured as all cash. The deal was a asset purchase.

Gulf Power Company, Florida City Gas and Oleander/Stanton gas plants (from Southern Company) operates in Regulated electric utility / regulated natural gas (Florida), is based in Florida (Gulf Power — northwest Florida panhandle; Florida City Gas — south Florida). NextEra entered into definitive agreements with Southern Company to acquire Gulf Power (a regulated electric utility serving northwest Florida), Florida City Gas (a regulated natural-gas distributor), and Southern's ownership interests in the Oleander and Stanton natural-gas generating plants in Florida. The company described the deals as complementing its existing Florida operations.

Compelling all-cash transactions of attractive electric and natural-gas franchises that complement NextEra Energy's existing operations within Florida; expected to be immediately accretive to earnings and to raise 2020 and 2021 adjusted EPS expectations by $0.15 and $0.20, respectively, while maintaining $5 billion to $7 billion of excess balance-sheet capacity post-closing.

Attractive regulated electric and gas franchises adjacent to NextEra's Florida Power & Light footprint, with scope for NextEra's operating model to improve cost and reliability. NextEra's industry-leading operating capabilities, continuous-improvement focus and innovation expected to benefit Gulf Power and Florida City Gas customers; immediately accretive to earnings. Gulf Power initially operated as a standalone NextEra electric utility (later consolidated into Florida Power & Light); Florida City Gas operated as a NextEra regulated gas utility.