NextEra Energy Pays $90 Mln Breakup Fee To Hawaiian Electric On Deal Termination

(RTTNews) - Clean energy company NextEra Energy, Inc. (NEE) and Hawaiian Electric Industries, Inc. (HE) announced Monday the termination of their plans to merge, effective immediately. Under the terms of the merger agreement, NextEra Energy will pay Hawaiian Electric Industries a $90 million break-up fee and up to $5 million for reimbursement of expenses associated with the transaction.

The decision was driven by the Hawaii Public Utilities Commission's or PUC order to dismiss the companies' merger application.

Jim Robo, chairman and chief executive officer, NextEra Energy, said, "As a result of the PUC's order, we have terminated our merger agreement... Looking forward, NextEra Energy remains extremely well-positioned to execute on our strategy and deliver exceptional results for our customers and shareholders."