Eversource buying Aquarion for $1.7 billion
Eversource graphic
The above graphic shows Eversource and Aquarion territory across Massachusetts, Connecticut, and New Hampshire.
New England’s largest energy supplier and its dominant private water company will combine under a $1.67 billion agreement announced Friday, a move that gives the water company a local owner.
Eversource Energy, which delivers electricity and natural gas to customers in Connecticut, Massachusetts and New Hampshire, will acquire Aquarion Water Co. for $880 million in cash, plus assumed debt of $795 million.
Eversource's service territory includes Greater Worcester and most of MetroWest, including Marlborough and Framingham. The bulk of Aquarion's customers are in Connecticut, but it provides water service in Oxford Millbury, Hingham and Hull in Massachusetts and parts of southern New Hampshire.
“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 CEO of Eversource. “Both companies’ dedicated employees work relentlessly to put customers first, and that commitment to reliability and customer service will remain paramount.”
Aquarion has more than 300 employees and serves about 23,000 customers in the same states where Eversource operates. Since 2007, it has been owned by a partnership led by Macquarie Infrastructure Partners of New York. Eversource plans to run Aquarion as a subsidiary and keep staffing levels and operations as is, according to a spokeswoman.
The transaction is subject to approval by the Connecticut Public Utilities Regulatory Authority, the Massachusetts Department of Public Utilities, and the New Hampshire Public Utilities Commission, and also requires U.S. Department of Justice review under the Hart-Scott-Rodino Act. It is expected to close by Dec. 31, according to a regulatory filing.
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