NEXTERA ENERGY INC acquired Hawaiian Electric Industries, Inc. for All-stock; each HEI share to convert into 0.2413 shares of NEE common stock, preceded by a spin-off of HEI's American Savings Bank to HEI shareholders, a transaction announced in December 2014, structured as all stock. The deal was a Merger.
Hawaiian Electric Industries, Inc. operates in Regulated electric utility (Hawaii), is based in Hawaii (Oahu, Maui, Hawaii Island). NextEra entered into an Agreement and Plan of Merger with Hawaiian Electric Industries (HEI), the parent of Hawaii's largest electric utilities serving Oahu, Maui and Hawaii Island. Before the merger, HEI would distribute its American Savings Bank subsidiary to HEI shareholders (the Bank Spin-Off); in the merger each HEI share would convert into 0.2413 NEE shares. The deal was rejected by the Hawaii Public Utilities Commission in 2016 and terminated.
In the Merger, each outstanding share of HEI common stock will be converted into the right to receive 0.2413 shares of NEE common stock, with HEI's American Savings Bank first spun off to HEI shareholders.
HEI's regulated Hawaiian electric utilities offered an isolated, high-renewable-penetration grid where NextEra's renewable and operating expertise was positioned as a fit. HEI's electric utilities would have become NextEra-owned regulated utilities; American Savings Bank was to be spun off to HEI shareholders before close.
Advisory firms were not disclosed for this transaction.