NextEra Energy, Inc. and Hawaiian Electric Industries, Inc. today announced the termination of their plans to merge, effective immediately.

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

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.

Observers have speculated that the termination of the transaction may allow NextEra to focus on a bid for Oncor

Tags:
M&A   Texas   NextEra Energy  

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