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US: NextEra Energy and Hawaiian Electric propose merger

By  |  February 2, 2015

US power producer NextEra Energy and its takeover target Hawaiian Electric Industries (NYSE:HE) on Thursday filed applications with certain regulators, seeking their approval of the firms’ planned tie-up.

As announced in early December 2014, NextEra Energy has struck a $4.3-billion deal to acquire Hawaiian Electric Industries.

In its filing with the Hawaii PUC, NextEra commits to implement no involuntary job reductions for at least two years and to maintain existing union labor.

The transaction needs to be greenlighted by HEI’s current stockholders and to receive clearance under the Hart-Scott-Rodino act and from certain other regulators. Its completion is scheduled for the final quarter of the year.

 

Full Content: PR Newswire

 

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