NextEra, HEI: Pre-Merger Waiting Period Expires

By Maui Now Staff

NextEra Energy Inc. and Hawaiian Electric Industries Inc. today announced the expiration of the mandatory, pre-merger waiting period in connection with the companies’ proposed merger that was announced in December 2014.

A pre-merger waiting period was established by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), a set of amendments to US antitrust laws.

“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 CEO 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. [David] 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 CEO, 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 US Department of Justice and the US 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.”

To date, the transaction has received approval from the Federal Energy Regulatory Commission and HEI shareholders. The transaction remains subject to approval by the Hawai‘i Public Utilities Commission, the spinoff of ASB Hawai‘i, parent company of American Savings Bank, and other customary conditions.

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