NEW YORK: Central Pacific Financial Corp is in talks to raise money from some well-known alternative asset managers to help buy rival American Savings Bank FSB from Hawaiian Electric Industries Inc.
The utility owner is grappling with huge losses in the aftermath of last year’s wildfires on Maui, according to people familiar with the matter.
Central Pacific is discussing raising US$1bil to help facilitate the deal from investors, including Warburg Pincus, Centerbridge Partners and Atlas Merchant Capital, said the people, who asked to not be identified because the details aren’t public.
The money would provide capital to the combined entity. An agreement could be announced within weeks, the people said. A final agreement hasn’t been reached and discussions could still fall through, they added. — Bloomberg
