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Hawaiian Electric Sells Majority Stake in American Savings Bank

1/1/2025

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Summary

Story summary

Hawaiian Electric Industries (HEI) sold 90.1% of American Savings Bank (ASB) for $405 million, valuing it at $450 million.
HEI retains a 9.9% stake, ensuring no single investor exceeds this ownership.
The sale enables HEI to concentrate on its utility operations and aid recovery from the 2023 Maui wildfires.
ASB will operate independently, preserving its management and community services.

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Story summary

Hawaiian Electric Industries (HEI) sold 90.1% of American Savings Bank (ASB) for $405 million, valuing it at $450 million.
HEI retains a 9.9% stake, ensuring no single investor exceeds this ownership.
The sale enables HEI to concentrate on its utility operations and aid recovery from the 2023 Maui wildfires.
ASB will operate independently, preserving its management and community services.