BERLIN – In an acquisition that will combine New England’s largest energy company with the region’s largest private water company, Eversource Energy on Friday confirmed that it reached an agreement to acquire Aquarion Water Company for $1.7 billion – comprised of $880 million in cash and $795 million of assumed Aquarion debt.
“This transaction combines two companies that are leaders in providing the critical infrastructure New England residents and businesses need to grow and thrive,” said Jim Judge, chairman, president and chief executive officer of Eversource. “Both companies’ dedicated employees work relentlessly to put customers first, and that commitment to reliability and customer service will remain paramount.”
Aquarion employs 300 people operating the regional water system that serves nearly 230,000 customers in Connecticut, Massachusetts and New Hampshire. Eversource’s 8,000 employees serve 3.7 million electric and natural gas customers in the same states.
“Eversource has such strong local ties to New England and a commitment to operational excellence, customer service and support for the communities we serve,” said Chuck Firlotte, Aquarion president and chief executive officer. “These are qualities we share and will serve us well as we join with Eversource’s incredible team of employees.”
Since 2007, Aquarion has been owned by a partnership led by Macquarie Infrastructure Partners.
Judge said the acquisition offers an opportunity to add a new, “highly complementary business line that delivers high quality water at affordable rates.”
The acquisition requires approval from the Connecticut Public Utilities Regulatory Authority, the Massachusetts Department of Public Utilities and the New Hampshire Public Utilities Commission. It also requires U.S. Justice Department review under the Hart-Scott-Rodino Act.
The transaction is expected to close by the end of the year.
Christopher Fortier can be reached at 860-801-5063 or email@example.com.