Two utility companies serving Westport are about to become one.
In an acquisition that will combine New England’s largest energy company with the region’s largest private water company, Eversource Energy today announced that it reached an agreement to acquire Aquarion Water Company for $1.675 billion, comprised of $880 million in cash and $795 million of assumed Aquarion debt.
“This transaction combines two companies that are leaders in providing the critical infrastructure New England residents and businesses need to grow and thrive,” said Jim Judge, chairman, president and chief executive officer of Eversource.
“Both companies’ dedicated employees work relentlessly to put customers first, and that commitment to reliability and customer service will remain paramount.”
Aquarion has 300 employees while Eversource has 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.
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. The transaction is expected to close by Dec. 31.
