JUNO BEACH, Fla., and
HONOLULU, Sept. 9, 2015 /PRNewswire/ -- NextEra
Energy, Inc. (NYSE: NEE) and Hawaiian Electric Industries, Inc.
(NYSE: HE) (HEI), today announced the expiration of the mandatory,
pre-merger waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended (the HSR Act) in connection
with the companies' proposed merger that was announced in
December 2014. Accordingly, the
condition to the closing of the transaction with respect to the
expiration of the applicable waiting periods under the HSR Act has
been satisfied.
"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 chief executive officer 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. 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 chief executive officer 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 U.S. Department of Justice and the
U.S. 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."
Merger Approvals Process
To date, the transaction has received approval from the Federal
Energy Regulatory Commission and HEI shareholders. The
transaction remains subject to approval by the Hawaii Public
Utilities Commission, the spinoff of ASB Hawaii, parent company of
American Savings Bank, and other customary conditions.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy
company with consolidated revenues of approximately $17.0
billion, approximately 44,900 megawatts of generating capacity,
which includes megawatts associated with non-controlling interests
related to NextEra Energy Partners, LP (NYSE: NEP), and
approximately 13,800 employees in 27 states and Canada as
of year-end 2014. Headquartered in Juno Beach, Fla., NextEra
Energy's principal subsidiaries are Florida Power & Light
Company, which serves approximately 4.8 million customer accounts
in Florida and is one of the largest rate-regulated
electric utilities in the United
States, and NextEra Energy Resources, LLC, which,
together with its affiliated entities, is the world's largest
generator of renewable energy from the wind and sun. NextEra Energy
has been recognized often by third parties for its efforts in
sustainability, corporate responsibility, ethics and compliance,
and diversity, and has been ranked in the top 10 worldwide for
innovativeness and community responsibility as part of Fortune's
2015 list of "World's Most Admired Companies." For more information
about NextEra Energy companies, visit these
websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Industries, Inc.
HEI (NYSE: HE) supplies power to approximately 450,000
customers, or 95 percent, of Hawaii's population through its electric
utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light
Company, Inc. and Maui Electric Company, Limited and provides a
wide array of banking and other financial services to consumers and
businesses through American Savings Bank, one of Hawaii's largest financial institutions. HEI
has been named one of "America's 100 Most Trustworthy Companies
2015" by Forbes. For more information, visit www.hei.com.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words or
phrases such as "may," "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," "predict," and "target" and
other words and terms of similar meaning. Forward-looking
statements involve estimates, expectations, projections, goals,
forecasts, assumptions, risks and uncertainties. NEE and HEI
caution readers that any forward-looking statement is not a
guarantee of future performance and that actual results could
differ materially from those contained in any forward-looking
statement. Such forward-looking statements include, but are not
limited to, statements about the anticipated benefits of the
proposed merger involving NEE and HEI, including future financial
or operating results of NEE or HEI, NEE's or HEI's plans,
objectives, expectations or intentions, the expected timing of
completion of the transaction, the value, as of the completion of
the merger or spin-off of HEI's bank subsidiary or as of any other
date in the future, of any consideration to be received in the
merger or the spin-off in the form of stock or any other security,
and other statements that are not historical facts. Important
factors that could cause actual results to differ materially from
those indicated by any such forward-looking statements include
risks and uncertainties relating to: the risk that NEE or HEI may
be unable to obtain governmental and regulatory approvals required
for the merger or the spin-off, or required governmental and
regulatory approvals may delay the merger or the spin-off or result
in the imposition of conditions that could cause the parties to
abandon the transaction; the risk that a condition to closing of
the merger or the completion of the spin-off may not be satisfied;
the timing to consummate the proposed merger and the expected
timing of the completion of the spin-off; the risk that the
businesses will not be integrated successfully; the risk that the
cost savings and any other synergies from the transaction,
including the value of a potential tax basis step up, may not be
fully realized or may take longer to realize than expected;
disruption from the transaction making it more difficult to
maintain relationships with customers, employees or suppliers; the
diversion of management time and attention on merger and
spin-off-related issues; general worldwide economic conditions and
related uncertainties; the effect and timing of changes in laws or
in governmental regulations (including environmental); fluctuations
in trading prices of securities and in the financial results of
NEE, HEI or any of their subsidiaries; the timing and extent of
changes in interest rates, commodity prices and demand and market
prices for electricity; and other factors discussed or referred to
in the "Risk Factors" section of HEI's or NEE's most recent Annual
Reports on Form 10-K filed with the Securities and Exchange
Commission (the "SEC"). These risks, as well as other risks
associated with the merger, are more fully discussed in the
definitive proxy statement/prospectus that is included in the
Registration Statement on Form S-4 that NEE filed with the SEC in
connection with the merger. Additional risks and uncertainties are
identified and discussed in NEE's and HEI's reports filed with the
SEC and available at the SEC's website at www.sec.gov. Each
forward-looking statement speaks only as of the date of the
particular statement and neither NEE nor HEI undertakes any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
NextEra Energy Contact
Robert L. Gould
Vice President, Chief Communications Officer
561-694-4442
Debra Larsson
Manager, Financial and Sustainability Communication
561-694-4442
Hawaiian Electric Industries Contact
A.J. Halagao
Manager, Corporate & Community Advancement
808-543-5889
ajhalagao@hei.com
Cliff Chen
Manager, Investor Relations & Strategic Planning
808-543-7300
IR@hei.com
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SOURCE NextEra Energy, Inc.; Hawaiian Electric Industries,
Inc.