Juno Beach, Fla.-based NextEra Energy has agreed to buy Hawaiian Electric Industries in a $4.3 billion deal.

HEI will spin off American Savings Bank as part of the deal.

The companies said Wednesday that Hawaiian Electric Co. will keep its name and continue to be based in Honolulu. There will be “no involuntary workforce reductions at Hawaiian Electric Co. for at least two years after transaction closes,” the companies said in a news release.

The value to HEI shareholders is estimated to be $33.50 a share. HEI shares closed trading Wednesday at $28.19.

“This is a transformational opportunity to unlock the value of two strong, local companies, American Savings Bank and Hawaiian Electric,” said Connie Lau, HEI’s president and chief executive officer and chairman of the boards of American Savings and Hawaiian Electric. “In NextEra Energy, Hawaiian Electric is gaining a trusted partner that can help the company accelerate its plans to achieve the clean energy future we all want for Hawaii.”

Lau said that with NextEra’s additional financial resources Hawaiian Electric will be able to meet its goal of reducing Hawaii’s dependency on fossil fuels sooner.

“While our goals are among the most ambitious in the nation, including increasing renewables to 65 percent, tripling solar and lowering customer bills 20 percent by 2030, we are confident that by leveraging both NextEra Energy and Hawaiian Electric’s expertise and the additional financial resources that NextEra Energy brings, we can meet these targets even sooner,” Lau said.

ASB Hawaii, Inc., the parent company for American Savings Bank, will be established as an independent publicly traded company. HEI shareholders will receive stock in ASB pro rata to their ownership interest in HEI.

The companies said that based on the median of six equity analyst consensus estimates, on Dec. 2, ASB’s estimated value is about $800 million, or $8 a share.

The companies plan to close the transaction in 12 months.