Hawaiian Electric Completes Sale of 90% Stake in American Savings Bank for $405 Million - PRESS AI WORLD
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Hawaiian Electric Completes Sale of 90% Stake in American Savings Bank for $405 Million

share-iconPublished: Wednesday, January 01 share-iconUpdated: Wednesday, January 01 comment-icon11 months ago
News sources:
REUTERS
Hawaiian Electric Completes Sale of 90% Stake in American Savings Bank for $405 Million

Credited from: REUTERS

  • Hawaiian Electric Industries (HEI) announced it has finalized the sale of a 90.1% stake in American Savings Bank (ASB).
  • The transaction, valued at $450 million, generated $405 million in cash for HEI.
  • This sale aims to support HEI's funding for the 2023 Maui wildfire settlement, which totals $1.99 billion.
  • The deal enables ASB, now an independent bank, to continue under its existing brand, managed by its current leadership.
  • Post-sale, HEI will focus on its utility operations, having retained a 9.9% stake in ASB and simplifying its corporate structure.

For more details, visit the original article at Reuters.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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