Following regulators’ rejection of NextEra Energy’s $4.3 billion bid to acquire Hawaiian Electric Industries on Friday afternoon, shares in Hawaii’s largest utility fell sharply, losing 7.3 percent of their value by the end of Monday
HEI will receive an infusion of $90 million from NextEra as a sort of “break-up” fee because the buyer failed to get the deal through the necessary regulatory hurdles. HEI could also get as much as $5 million more from NextEra for legal fees associated with the merger process.
Hawaiian Electric promised in another statement Monday to use the after-tax remains of the $90 million to “help to fund Hawaii’s clean energy transformation.”
In response to the failure of the deal, NextEra Chairman and CEO Jim Robo was magnanimous. In a statement released Monday, he said, “We wish Hawaiian Electric the best as it serves the current and future energy needs of Hawaii, including helping the state meet its goal of 100 percent renewable energy by 2045.”
(Read Civil Beat’s special report on the history of HECO, “Electric Dreams.”)
Sign up for our FREE morning newsletter and face each day more informed.