Energy giant wants to buy competitor for 630 billion Swedish kronor

The price tag is approximately 630 billion Swedish kronor and is the largest to date in the sector.

The deal helps NextEra position itself as a dominant player to meet the increasing demand from newly built data centers using AI applications.

“Demand for electricity is increasing faster than it has in decades,” said NextEra CEO John Ketchum in a statement.

The deal requires approval from government regulators.

A few minutes after the stock market opened, Dominion had risen just over 10 percent while NextEra had fallen around 4.5 percent.