Deals
NextEra Ends $2.63 Billion Hawaii Deal as Regulator Says No
- Hawaiian Electric to get $90 million breakup fee from buyer
- NextEra also said to bid on Texas’s largest power distributor
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NextEra Energy Inc. canceled its $2.63 billion bid to purchase Hawaiian Electric Industries Inc., and may now concentrate on efforts to buy the largest power distributor in Texas.
NextEra will pay Hawaiian Electric a $90 million breakup fee and as much as $5 million for expenses related to the failed takeover, the companies said Monday in a joint statement. The Hawaii Public Utilities Commission voted 2-0 Friday against the proposed transaction saying the companies failed to show it was in the public interest.