Eversource to sell Aquarion Water Company for $2.4 billion
Eversource Energy has entered into a definitive agreement to sell Aquarion Water Company to the Aquarion Water Authority (AWA), a quasi-public corporation and newly created water authority alongside the South-Central Connecticut Regional Water Authority (RWA).
The sale will enable Eversource to pay down parent company debt while efficiently reinvesting capital into its core electric and natural gas businesses, enabling additional investments in reliability for customers and strengthening Eversource’s financial position.
“Since our acquisition of Aquarion in 2017, we have built on Aquarion’s longstanding track record of superior customer service, industry-leading reliability and operational success to help them become the largest investor-owned water utility in New England and seventh largest in the country,” said Eversource Chairman, President and CEO Joe Nolan. “This transaction reinforces our commitment to our core electric and natural gas operations as the largest regulated utility in New England, allowing us to optimize our portfolio and strengthening our balance sheet while reinvesting capital to benefit our customers.”
“Through the AWA transaction, we are advancing our water utility’s regional supply strategy and are excited to put our organization’s 45-year track record of demonstrating the benefits of RWA’s stewardship, expertise, regulation and organizational stability to work for Aquarion customers, communities and employees as a not-for-profit, quasi-public utility,” said RWA & AWA Interim President and CEO Sunder Lakshminarayanan.
Aquarion, headquartered in Bridgeport, Connecticut, serves nearly 250,000 water and wastewater customers in 72 cities and towns across Connecticut, Massachusetts, and New Hampshire. Aquarion entered into the wastewater business with the purchase of the Town of New Hartford’s (CT) municipal water and wastewater treatment systems in 2023 and the purchase of the City of Ansonia’s (CT) municipal wastewater system in 2024.
The aggregate enterprise value of the sale is approximately $2.4 billion, which includes approximately $1.6 billion in cash and $800 million of net debt that will be extinguished at closing. The transaction is expected to close in late 2025, subject to regulatory approval and customary closing conditions.
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