A West Coast bank will replace one of South Carolina’s largest and oldest publicly traded companies in a closely followed stock index next week.
SCE&G owner SCANA Corp. will be dropped from the S&P 500 effective Wednesday, ahead of its pending sale to a big out-of-state utility.
The Cayce-based company will be replaced in the index by San Francisco's First Republic Bank.
“S&P 500 constituent Dominion Energy … is acquiring SCANA ... in a deal expected to be completed soon pending final conditions,” S&P Dow Jones Indices said in a written statement.
South Carolina regulators gave the final approval for the $14.6 billion acquisition last week. The companies have not announced when they expect to finalize the deal.
The Public Service Commission's Dec. 21 ruling ensured that Richmond. Va.-based Dominion, a giant in the energy industry, will take control of SCANA — once a Fortune 500 company — and its electric and gas businesses in South Carolina, North Carolina and Georgia.
It will also ensure that most of the state's electric grid will be controlled by out-of-state companies, namely Dominion and Charlotte's Duke Energy.
Dominion has been trying to buy financially ailing SCANA since January.
The buyout stemmed from the failed expansion of the V.C. Summer Nuclear Station, a project that SCE&G and state-owned Santee Cooper abandoned in July 2017 after spending more than $9 million on two partially built reactors.
The terms of the sale include the requirement that Dominion keep the South Carolina power company's headquarters in Cayce and add a SCANA director to its board.