Eversource Energy has received approval from Connecticut regulators to move forward with its $1.675 billion acquisition of the region’s largest private water utility, Bridgeport’s Aquarion Water Co.
The deal was first announced in June.
Owned since 2007 by a partnership led by New York City’s Macquarie Infrastructure Partners, 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 will pay Macquarie $880 million in cash and assume $795 million of Aquarion’s debt under terms of the deal, which still faces approval from Massachusetts’ Public Utilities Regulatory Authority.
The acquisition is expected to be completed by year’s end.