U.S. NextEra Energy Inc said it is expanding in Florida by buying some utilities from Southern Co for $5.08 billion.
NextEra, the parent of Florida Power and Light Co, said it would buy almost all of Southern’s assets, including Gulf Power Co and Florida City Gas.
The company expects the deal to add to earnings immediately and intends to finance the transaction by issuing new debt.
Atlanta-based Southern is building the first nuclear power plant in the United States in decades. It plans to use the transaction proceeds to cut debt.