Southern Co. unit Southern Power to sell 33% stake in solar portfolio for $1.175 bln

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NextEra Energy to buy some of Southern Co.’s Florida assets in a deal valued at $6.5 billion

NextEra Energy Inc. announced a deal Monday to buy Gulf Power, Florida City Gas and two Florida-based natural gas plants from Southern Co. in a deal valued at $6.48 billion, including debt. NextEra expects the deal to immediately add to earnings, and as a result raised its adjusted earnings-per-share guidance for 2020 by 15 cents to $8.70 to $9.20 and its 2021 guidance by 20 cents to $9.40 to $9.95. NextEra expects to fund the deal by issuing new debt. Southern Co. shares edged up 0.4% in light premarket trade, while NextEra’s stock was indicated down more than 0.5%. Year to date, Southern shares have tumbled 11.2% through Friday, while NextEra shares have edged up 0.2%, the SPDR Energy Select Sector ETF has rallied 8.1% and the S&P 500 has tacked on 1.5%.

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