The U.S. Federal Trade Commission has cleared Dominion Energy Inc.'s proposed acquisition of SCANA Corp., a development that satisfies one of the conditions to complete the proposed merger transaction.
The FTC granted the early termination of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, a development that satisfies one of the conditions to complete the proposed merger deal, according to a Feb. 1 press release.
The combination still awaits approval of SCANA shareholders, review and approval from the public service commissions of South Carolina, North Carolina and Georgia; and authorization of the U.S. Nuclear Regulatory Commission and Federal Energy Regulatory Commission.
The companies expects to close the deal this year.
Dominion on Jan. 3 announced plans to acquire SCANA in a stock-for-stock deal valued at about $7.9 billion designed to provide a lifeline to the Cayce, S.C.-headquartered company reeling from the failure of the more than $9 billion V.C. Summer nuclear expansion project.
