Central Pacific Is Said to Near Hawaiian Electric Bank Deal (1)

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 grappling withhuge losses in the aftermath of last year’s wildfires on Maui, according to people familiar with the matter.

Central Pacific is discussing raising $1 billion 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 ...