NextEra to acquire Hawaiian Electric; companies plan to expand clean energy in Hawaii

MarketsAssociated Press

NextEra Energy Inc. plans to buy Hawaiian Electric Industries Inc. to expand clean energy in Hawaii.

The companies value the deal at $2.6 billion, or $4.3 billion including debt.

Continue Reading Below

NextEra is one of the country's largest electrical utilities and owns a major wind and solar energy company. Hawaiian Electric supplies power to 95 percent of Hawaii's population through its electric utilities.

The companies said Wednesday that Hawaiian Electric shareholders will receive a fractional share in NextEra Energy stock, plus a one-time cash dividend and shares in a related spinoff company as part of the deal. They estimate the value of these shares and payments at $33.50 per share of Hawaiian Electric stock.

Hawaiian Electric also plans to spin off its banking business as part of the deal.