Hawaiian Electric Industries sells majority stake in American Savings Bank for $405M, valuing ASB at $450M.

Hawaiian Electric Industries (HEI) has sold a 90.1% stake in American Savings Bank (ASB) to independent investors for $405 million, valuing ASB at $450 million. HEI retains a 9.9% stake. The sale allows ASB to operate independently under its current management and brand. Funds from the sale will help HEI reduce debt and allocate more resources to wildfire settlements and utility initiatives, focusing on decarbonization and grid modernization.

December 31, 2024
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