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Share Name | Share Symbol | Market | Type |
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Txu Corp | NYSE:TXU | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
By Lauren Pollock
NextEra Energy Inc. agreed to acquire most of Hawaiian Electric Industries Inc. for about $2.6 billion, a deal it said would bring cleaner, renewable energy to Hawaii.
Hawaiian Electric supplies power to about 450,000 customers, or 95% of Hawaii's population, through its electric utilities, and provides an array of banking services through American Savings Bank, which isn't included in the deal. The banking unit will be spun off into a separate publicly traded company.
The offer values Hawaiian at $33.50 a share, including the value of American Savings Bank, which was pegged at about $8 a share, and the payment of a one-time special dividend. It excludes the assumption of about $1.7 billion in debt and marks a 19% premium to Wednesday's close.
NextEra, a Florida-based clean-energy company has multiple subsidiaries, including Florida Power & Light and NextEra Energy Resources. In September, the company withdrew an offer to acquire the shares that the struggling Energy Future Holdings Corp. held in Oncor, a Texas transmissions business. Neither company has said whether NextEra has definitively walked away or is still interested in competing.
In October, it reported its revenue grew 5.9% in the third quarter on customer growth and new contracts.
Write to Lauren Pollock at lauren.pollock@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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