Hawaiian Electric Industries Inc.NYSE
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  • Tue, May 24, 6:45 PM
    • NextEra Energy’s (NYSE:NEE) proposed $4.3B takeover of Hawaiian Electric Industries (NYSE:HE) looks increasingly less likely, as the company gets a new chance to buy the largest power distributor in Texas, Bloomberg reports.
    • Analysts say this month’s collapse of a deal for the Oncor Electric unit of Energy Future Holdings may prompt NEE, North America’s largest generator of wind and solar power, to dump the Hawaii deal for a second pass at Oncor.
    • Oncor’s power system is “a great strategic fit” for NEE, which can afford to walk away from "the uphill battle in Hawaii,” says Guggenheim Securities analyst Shahriar Pourreza; opponents have questioned NEE’s commitment to Hawaii’s goal of 100% renewable power by 2045 and dislike ceding control to the Florida-based company.
    • NEE has said it could exit the HE deal after June 3 by paying ~$95M.
    | Tue, May 24, 6:45 PM | 37 Comments
  • Dec. 3, 2014, 5:13 PM
    • NextEra Energy (NYSE:NEE) and Hawaiian Electric (NYSE:HE) agree to merge in a deal valued at $4.3B including the assumption of $1.7B in HE debt.
    • HE also plans to spin off its ASB Hawaii banking subsidiary to HEI shareholders and establish it as an independent publicly traded company.
    • NEE says the deal expands its regulated holdings and further balances its earnings mix, and is expected to be neutral to EPS for NEE shareholders in the first full year post-close and accretive thereafter.
    • The total value to HEI shareholders is estimated at $3.5B, or ~$33.50/share.
    • HE +11.4% AH.
    | Dec. 3, 2014, 5:13 PM | 10 Comments