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. Last Updated: 07/27/2016

FPL, Entergy Merge

NEW YORK -- FPL Group Inc., the parent of Florida Power & Light Co., said Monday it would merge with Entergy Corp. in a stock deal worth $7 billion to create the largest U.S. power generating company.

The combined company would have a total enterprise value of more than $27 billion, consisting of $16.4 billion in equity market capitalization and $10.7 billion in debt and preferred stock, the companies said.

The merger is expected to immediately boost earnings for both companies. The combination must be cleared by shareholders as well as federal regulators.