• Tue, Jan. 17, 5:58 PM
    • Crown Castle International (CCI +2%) has closed its acquisition of FPL FiberNet Holdings and some other subsidiaries of NextEra Energy (NEE +1%).
    • Crown Castle had come to a $1.5B all-cash arrangement at the beginning of November, with the deal set to extend its fiber network by 11,500 route miles in South Florida and Texas, about 6,000 of those in metro areas.
    • CCI will update its outlook in light of the acquisition when it provides Q4 earnings results, scheduled for Jan. 25. It had said the deal would be immediately accretive to adjusted funds from operations at the closing, and that it saw contributions of $105M-$110M to gross margin from the deal.
    Tue, Jan. 17, 5:58 PM
  • Nov. 1, 2016, 9:26 AM
    • Crown Castle International (NYSE:CCI) has a deal to acquire FPL FiberNet and some other related units of NextEra Energy (NYSE:NEE), for $1.5B.
    • The all-cash payment gets CCI rights to some 11,500 route miles of fiber (installed and under construction) in South Florida and Texas, with about 6,000 of that in metro areas. All told CCI will have ownership or rights afterward to about 28,500 route miles of fiber.
    • CCI sees the deal as immediately accretive to its adjusted funds from operations on closing, which it expects in the first half of 2017.
    • In the first year, Crown Castle expects the deal to contribute about $105M-$110M to gross margin, along with $15M-$20M in general/administrative expenses.
    • The deal also has about $5M in annual cash flows that won't contribute to gross margin as it's associated with a lease to be accounted for as financing.
    Nov. 1, 2016, 9:26 AM | 1 Comment
  • Oct. 31, 2016, 9:18 AM
    • NextEra Energy (NYSE:NEE) agrees to acquire Texas Transmissions Holdings and take over its ~20% indirect interest of Oncor Electric Delivery for ~$2.4B, as well as the remaining interest in Oncor owned by Oncor Management Investment for another $27M.
    • Combined with July's purchase of Energy Future Holding's 80% interest in Oncor, the biggest power provider in Texas, in a deal valued then at $18.4B, two transactions that would give NEE complete ownership of the Oncor Electric Delivery electricity transmission business.
    • NEE also says Q3 earnings fell 14% Y/Y amid higher expenses and as earnings growth in its Florida power business was offset by declines in its clean energy business.
    Oct. 31, 2016, 9:18 AM
  • Aug. 29, 2016, 8:58 AM
    • NextEra Energy (NYSE:NEE) says it reached agreement with global financial institutions related to its bid to acquire Energy Future's Oncor Electric Delivery utility in Texas.
    • As part of the agreement, NEE says it will fund $9.5B, primarily for the repayment of nearly all Energy Future Intermediate Holding Co. debt; NEE previously agreed to buy all of the equity of reorganized Energy Future and some of its direct and indirect subsidiaries, including Energy Future's 80% indirect interest in Oncor.
    • The transaction is subject to approval of the merger agreement and Energy Future’s reorganization plan from the bankruptcy court and the Public Utility Commission of Texas.
    Aug. 29, 2016, 8:58 AM
  • Jul. 29, 2016, 7:15 AM
    • NextEra Energy (NYSE:NEE) agrees to acquire Energy Future’s stake in Oncor Electric Delivery, in a deal that values the Texas utility at ~$18.4B.
    • The agreement is part of an overall reorganization plan designed to allow Energy Future to emerge from bankruptcy, and the value from the deal will go to pay off creditors.
    • Energy Future can still accept other bids before bankruptcy court approval of its deal with NEE; if it does, Energy Future must pay NEE a $275M termination fee.
    • The news comes less than two weeks after NEE’s $2.6B deal to buy Hawaiian Electric Industries fell apart.
    Jul. 29, 2016, 7:15 AM | 1 Comment
  • Jul. 14, 2016, 3:02 PM
    • "Buffett has been clear that he likes infrastructure plays in general and he likes utilities," says Bloomberg's Kit Konolige. "They have stable cash flows and they pay dividends. He would appear to believe they are not going away anytime soon.”
    • According to Bloomberg, Berkshire Hathaway (BRK.A, BRK.B) has joined NextEra Energy (NYSE:NEE) as a top contender for Energy Future's Oncor Electric Delivery, with valuations in the $18B area.
    • The process is fluid, say Bloomberg's sources, and the leading bidders have switched places several times.
    Jul. 14, 2016, 3:02 PM | 5 Comments
  • May 24, 2016, 6:45 PM
    • NextEra Energy’s (NYSE:NEE) proposed $4.3B takeover of Hawaiian Electric Industries (NYSE:HE) looks increasingly less likely, as the company gets a new chance to buy the largest power distributor in Texas, Bloomberg reports.
    • Analysts say this month’s collapse of a deal for the Oncor Electric unit of Energy Future Holdings may prompt NEE, North America’s largest generator of wind and solar power, to dump the Hawaii deal for a second pass at Oncor.
    • Oncor’s power system is “a great strategic fit” for NEE, which can afford to walk away from "the uphill battle in Hawaii,” says Guggenheim Securities analyst Shahriar Pourreza; opponents have questioned NEE’s commitment to Hawaii’s goal of 100% renewable power by 2045 and dislike ceding control to the Florida-based company.
    • NEE has said it could exit the HE deal after June 3 by paying ~$95M.
    May 24, 2016, 6:45 PM | 37 Comments
  • Feb. 22, 2016, 5:56 PM
    • NextEra Energy Partners (NEE, NEP) agrees to acquire the Seiling I & II Wind Energy Centers, a combined 299.2 MW wind generation site in Oklahoma, for $323M plus the assumption of ~$200M in tax equity financing.
    • NEP says the acquisition will expand its portfolio of contracted renewable energy projects to 2,509 MW.
    • To fund the deal, NEP says it will launch an offering of 9.7M common units, with an underwriters option to purchase up to an additional 1.455M.
    Feb. 22, 2016, 5:56 PM
  • Nov. 27, 2015, 9:35 AM
    • NextEra Energy's (NEE +0.2%) renewable energy unit agrees to sell its interest in two natural gas-fired power generation plants to a unit of Energy Future Holdings for $1.59B, including working capital.
    • Energy Future has received approval from the bankruptcy court for the deal and the funding of it through its debtor-in-possession credit facility.
    • NEE says its La Frontera Ventures unit will continue to operate the facilities in Texas for an initial period of up to one year.
    Nov. 27, 2015, 9:35 AM
  • Aug. 3, 2015, 8:57 AM
    • NextEra Energy (NYSE:NEE) reports better than expected Q2 earnings and revenues, and raises its long-term earnings forecast.
    • NEE reaffirms its 2015 EPS guidance of $5.40-$5.70 vs $5.63 analyst consensus estimate, but says it now expects 2016 EPS of $5.85-$6.35, ahead of its previous forecast of $5.75-$6.25; it foresees EPS of $6.60-$7.10 in 2018.
    • NEE says profit at its Florida Power & Light unit rose to $435M from $423M a year ago, while profit at NextEra Energy Resources grew to $273M from $81M a year ago.
    • Meanwhile, NextEra Energy Partners (NYSE:NEP), which also released Q2 results, agrees to acquire privately-held NET Midstream in a $2.1B deal, which will add seven natural gas pipelines in Texas to its portfolio.
    Aug. 3, 2015, 8:57 AM | 1 Comment
  • Dec. 3, 2014, 5:13 PM
    • NextEra Energy (NYSE:NEE) and Hawaiian Electric (NYSE:HE) agree to merge in a deal valued at $4.3B including the assumption of $1.7B in HE debt.
    • HE also plans to spin off its ASB Hawaii banking subsidiary to HEI shareholders and establish it as an independent publicly traded company.
    • NEE says the deal expands its regulated holdings and further balances its earnings mix, and is expected to be neutral to EPS for NEE shareholders in the first full year post-close and accretive thereafter.
    • The total value to HEI shareholders is estimated at $3.5B, or ~$33.50/share.
    • HE +11.4% AH.
    Dec. 3, 2014, 5:13 PM | 10 Comments
  • Sep. 25, 2014, 2:29 PM
    • Berkshire Hathaway (BRK.A, BRK.B) and CenterPoint Energy (NYSE:CP) are among 10 companies that signed confidentiality agreements to explore bids for Energy Future's Oncor electricity distributor, Bloomberg reports.
    • NextEra Energy (NYSE:NEE), which helped prompt the auction with a takeover bid this year valuing Oncor at more than $17.5B, also signed a non-disclosure agreement letting it conduct due diligence.
    • The bankrupt Energy Future's profitable Oncor business operates the largest distribution and transmission business in Texas and delivers electricity to more than 3M homes and businesses.
    Sep. 25, 2014, 2:29 PM | 1 Comment
  • Oct. 24, 2011, 8:48 AM

    Entergy (ETR) is acquiring a 550MW natural gas-fired Rhode Island power plant from NextEra Energy (NEE) for net cash proceeds of $340M. NextEra expects the deal, along with the earlier sale of four gas-fired plants to LS Power, to be accretive to future earnings.

    Oct. 24, 2011, 8:48 AM