HAWAIIAN ELECTRIC INDUSTRIES INC (HE): M&A transaction — HEI sells 90.1% of American Savings Bank for $405M to independent investors; retains 9.9%

HAWAIIAN ELECTRIC INDUSTRIES INC

Sold 90.1% of ASB common stock for $405M cash; deal closed Dec 31, 2024; values bank at $450M.
HEI retains 9.9% stake; expects to no longer be regulated as savings and loan holding company.
Proceeds to reduce holding company debt, increasing flexibility for wildfire settlement and utility initiatives.
ASB continues as independent local bank with current management team, brand, and branches.
All ASB executive officers and independent directors participated as investors; no investor owns >9.9%.

item 1.01 item 2.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

HAWAIIAN ELECTRIC INDUSTRIES INC completed a disposition involving Investors named in the Investment Agreements for $405,450,000 (closed 2024-12-31).

Action: disposition
Counterparty: Investors named in the Investment Agreements
Consideration: $405,450,000
Closing: 2024-12-31

Exact text from the filing

and outstanding shares of ASB Common Stock, resulting in a sale, in the aggregate, of 90.1% of the issued and outstanding ASB Common Stock for an aggregate purchase price of $405,450,000, the proceeds of which will be received by Seller. The Investments closed on December 31, 2024. No Investor acquired more than 9.9% of the issued and outstanding shares of ASB

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Source: SEC EDGAR

accession 0001104659-24-132904

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