Eversource Energy is acquiring Aquarion Water Company. It's a deal of $880 million cash and $795 million of assumed Aquarion debt. The transaction is expected to close by December 31st.
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.
Aquarion has more than 300 employees, while Eversource employs 8,000. Eversource serves 3.7 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire. Aquarion serves nearly 230,000 customers in the same states.
Eversource chairman, president and CEO Jim Judge says this transaction combines two companies that are leaders in providing the critical infrastructure New England residents and businesses need to grow and thrive. Judge says the transaction is part of Eversource's commitment to helping New England meet its environmental and sustainability goals.