Duke Energy Corp. has confirmed the closing of its previously announced merger with Progress Energy Inc. The new company will be known as Duke Energy and will remain headquartered in Charlotte, N.C., with substantial operations in Raleigh, N.C.
Duke Energy will trade on the New York Stock Exchange under the symbol DUK. In accordance with the terms of the merger agreement, Progress Energy Inc. has become a wholly owned direct subsidiary of Duke Energy.
Duke Energy has also announced that the newly constituted board of directors has appointed Jim Rogers president and CEO of the combined company, effective immediately. Rogers will also maintain his responsibilities as chairman of the company's board. Bill Johnson has resigned as president and CEO of the combined company, by mutual agreement.
The merged companies have approximately $49 billion in market capitalization, total assets of more than $100 billion, and 7.1 million electric customers in the Carolinas, Florida, Indiana, Kentucky and Ohio.
When the merger was announced on Jan. 10, 2011, the transaction value totaled $26 billion, including Progress Energy's debt. Currently, the transaction is valued at about $32 billion, based on Duke Energy's share price and including Progress Energy's debt.
