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Duke Energy, based in Charlotte, N.C., also will assume approximately $12.2 billion in Progress net debt.

Standard & Poors affirmed Duke’s A- credit rating Monday and said the company’s outlook was stable. Moody’s affirmed its Baa2 rating and stable outlook for the company.

When the deal is completed, Mr. Rogers will become an executive chairman of the new company and advise it on strategic matters while serving as lead spokesperson on energy policy.

Progress‘ top executive, Bill Johnson, will become president and chief executive of the new company.

The companies aim to close the deal by the end of the year. It’s expected to boost Duke’s adjusted earnings within a year after that.

Progress Energy is based in Raleigh, N.C. The combined company will be based in Charlotte.

Samantha Bomkamp in New York contributed to this report.