Shareholders OK Hawaiian Electric merger with NextEra

Shareholders with Hawaiian Electric Industries Inc. (HEI, NYSE: HE) approved a merger agreement with NextEra Energy (NYSE: NEE).

Approximately 90 percent of the shares that voted were in favor of the merger for $4.3 billion. NextEra has said it would help accelerate Hawaiian Electric’s plans to lower electric bills, triple distributed solar and achieve a 65 percent renewable portfolio standard by 2030.

The deal was first announced in December 2014. The Federal Energy Regulatory Commission has approved the merger, but approval is still needed from the Hawaii Public Utilities Commission, along with customary closing conditions and the spinoff of American Savings Bank, a subsidiary of HEI. Following completion of the spinoff, the bank will remain based in Hawaii as an independent public company.

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