M&A: HAWAIIAN ELECTRIC INDUSTRIES INC

Form Type: 8-K

Filing Date: 2024-12-31

Corporate Action: Acquisition

Type: New

Accession Number: 000110465924132904

Comments: On December 30, 2024, Hawaiian Electric Industries, Inc. (HEI) entered into separate investment agreements involving its wholly owned subsidiary ASB Hawaii, Inc. and American Savings Bank, F.S.B. as sellers. These agreements included various investors who purchased shares of common stock in American Savings Bank at a purchase price of $50,000 per share. In total, $405,450,000 worth of stock was sold, representing 90.1% of the issued shares, with HEI retaining a 9.9% stake. The investments were finalized on December 31, 2024. As a result of these transactions, it is anticipated that HEI will no longer qualify as a Savings and Loan Holding Company once regulatory requirements are fulfilled. The investment agreements include customary representations, warranties, and indemnification rights granted by sellers to investors. A press release announcing the investment agreements was issued on December 31, 2024.

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