NextEra Energy And Hawaiian Electric Industries Clear Another Hurdle To Proposed Merger.
Companies Announce Expiration of Hart-Scott-Rodino Act Waiting Period
News Release from NextEra and Hawaiian Electric
JUNO BEACH, Fla., and HONOLULU, Sept. 9, 2015 -- NextEra Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc. (NYSE: HE) (HEI), today announced the expiration of the mandatory, pre-merger waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act) in connection with the companies' proposed merger that was announced in December 2014. Accordingly, the condition to the closing of the transaction with respect to the expiration of the applicable waiting periods under the HSR Act has been satisfied.
"The expiration of the HSR Act waiting period represents another important milestone toward the completion of our proposed merger with Hawaiian Electric," said Jim Robo, chairman and chief executive officer of NextEra Energy. "As the world's leading generator of renewable energy from the wind and sun, we are well positioned, alongside Hawaiian Electric, to partner with the state to achieve its 100 percent renewable portfolio standard by 2045, as well as integrate more rooftop solar, modernize the electric grids and importantly, lower customer bills. We look forward to continuing to constructively engage with communities across Hawai'i and other key stakeholders, including Gov. Ige and his administration, to demonstrate why we believe this merger represents the best path forward to achieving a more affordable, renewable energy future for Hawai'i."
"We are pleased to clear another hurdle to our proposed merger with NextEra Energy," said Connie Lau, HEI's president and chief executive officer and chairman of the boards of American Savings Bank and Hawaiian Electric. "By allowing the HSR Act waiting period to expire, the Antitrust Division of the U.S. Department of Justice and the U.S. Federal Trade Commission confirmed the companies' view that the merger presents no likelihood of potential anticompetitive effects in Hawai'i or elsewhere. As the world's largest generator of renewable energy from the wind and sun with a proven track record of lowering customer bills, NextEra Energy is the right partner for Hawaiian Electric as we work to achieve Hawai'i's bold, clean energy goals."
Merger Approvals Process
To date, the transaction has received approval from the Federal Energy Regulatory Commission and HEI shareholders. The transaction remains subject to approval by the Hawaii Public Utilities Commission, the spinoff of ASB Hawaii, parent company of American Savings Bank, and other customary conditions.