Eversource Plans to Acquire Aquarion Water Company
Eversource Energy, a New England Council member, recently announced plans to enter the water business by acquiring Aquarion Water Company.
Aquarion Water Company is the region’s largest private water company, operating in Connecticut, Massachusetts, and New Hampshire. Eversource will acquire Aquarion for $880 million in cash and assume $795 million of Aquarion’s debt afterwards. The acquisition would be the largest deal for Eversource since the company’s creation in 2012 through the merger of NStar and Northeast Utilities. Eversource announced that Aquarion will retain its name and be run as a separate subsidiary.
“This transaction combines two companies that are leaders in providing the critical infrastructure New England residents and businesses need to grow and thrive,” said Chairman, President, and CEO of Eversource Jim Judge. “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.”
The New England Council congratulates Eversource on the announced acquisition and company’s expansion into the water business in New England. Read more in The Boston Globe and Hartford Courant.