Deals
Central Pacific Nears Deal for Hawaiian Electric’s Bank
- Warburg, Centerbridge, Atlas in discussions to help fund deal
- Transaction would shore up utility’s finances after Maui fire
Photographer: Tim Rue/Bloomberg News
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Central Pacific Financial Corp. is in talks to raise money from some well-known alternative asset managers to help buy rival American Savings Bank FSB from Hawaiian Electric Industries Inc., the utility owner grappling with huge losses in the aftermath of last year’s wildfires on Maui, according to people familiar with the matter.
Central Pacific is discussing raising $1 billion to help facilitate the deal from investors including Warburg Pincus, Centerbridge Partners and Atlas Merchant Capital, said the people, who asked to not be identified because the details aren’t public. The money would provide capital to the combined entity.