Eversource Energy has reached an agreement to acquire Aquarion Water Co. for an enterprise value of $1.675 billion, comprising $880 million in cash and $795 million of assumed Aquarion debt. The transaction will combine New England’s largest energy company with the region’s largest private water company.
Owned since 2007 by a partnership led by New York City’s Macquarie Infrastructure Partners, Bridgeport-based Aquarion serves nearly 230,000 customers in Connecticut, Massachusetts and New Hampshire and employs more than 300 people. Eversource, with headquarters in Hartford and Boston, serves nearly 3.7 million electric and natural gas customers in the same states, and employs about 8,000 people.
Eversource Chairman, President and CEO Jim Judge said the deal underscores his company’s commitment to be a catalyst for helping New England meet its environmental and sustainability goals.
“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,” he said.
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 Dec. 31.
Eversource said it intends to finance the transaction with a combination of cash and a small amount of debt.