Hawaiian Electric Shareholders Okay Merger With NextEra

(RTTNews) - Hawaiian Electric Industries Inc (HE) on Wednesday said its shareholders approved its merger with NextEra Energy Inc (NEE).

Of the shares voted, about 90 percent were in favor of the merger, the company said.

In December, electric utility NextEra Energy agreed to acquire smaller peer Hawaiian Electric for about $4.3 billion, including assumed debt of $1.7 billion. The deal does not include Hawaiian Electric's banking subsidiary.

As part of the deal, Hawaiian Electric will spin-off ASB Hawaii, the parent company of American Savings Bank, to its shareholders to establish it as an independent publicly traded company.