Posted on January 29, 2025
Eversource has entered into a definitive agreement to sell Aquarion Water Company to the newly created Aquarion Water Authority for $2.4 billion, the company announced this week.
The estimated sales price, still subject to closing adjustments, includes about $1.6 billion in cash and $800 million of net debt that will be extinguished at closing.
Aquarion Water Authority is a quasi-public corporation and political subdivision of the State of Connecticut. It will be operated alongside the South Central Connecticut Regional Water Authority, officials said.
The sale will enable Eversource to pay down parent company debt while also reinvesting in its core electric and natural gas business, the company said.
“Since our acquisition of Aquarion in 2017, we have built on Aquarion’s longstanding track record of superior customer service, industry-leading reliability, and operational success to help them become the largest investor-owned water utility in New England and seventh largest in the country,” Eversource Chairman, President and CEO Joe Nolan said in a news release.
“I would like to thank the Aquarion leadership team for its sound management and financial stewardship of the company and extend my sincere gratitude to all Aquarion employees for their tireless, customer-first focus on safety and exceptional service, consistent with our core values at Eversource.”
Aquarion is headquartered in Bridgeport and serves nearly 250,000 water and wastewater customers in 72 cities and towns across Connecticut, Massachusetts, and New Hampshire. The largest part of its customers live in Connecticut.
RWA and AWA Interim President and CEO Sunder Lakshminarayanan said the RWA and Aquarion share similar missions to provide customers with the highest quality water at an affordable cost.
The company in recent years acquired the Torrington Water Co., the town of New Hartford’s municipal water and wastewater treatment systems and Ansonia’s municipal wastewater system.
This recent sale is subject to approval by regulatory authorities in the states the company services. The transaction is expected to close in late 2025.
A map of Aquarion Water Company’s service areas in Connecticut, taken from the company’s rate-increase request presentation to the Public Utilities Regulatory Authority.
