Eversource Energy Acquires Aquarion Water Company
In an acquisition that will combine New England’s largest energy company with the region’s largest private water company, Eversource Energy has reached an agreement to acquire Aquarion Water Company for an enterprise value of $1.675 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 is highly respected in the industry, with top customer favorability ratings and an impressive team of more than 300 employees serving nearly 230,000 customers in Connecticut, Massachusetts and New Hampshire.
“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.”
Judge added the transaction underscores Eversource’s commitment to be a catalyst for helping New England meet its environmental and sustainability goals.
“Welcoming Aquarion to our team provides an exciting opportunity to add a new, highly complementary business line that delivers high quality water at affordable rates,” said Judge. “For Aquarion, becoming a part of Eversource ensures local ownership that is committed to providing the resources needed to make investments in the business to drive long-term success.”
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 December 31, 2017.
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