Eversource Energy has reached an agreement to acquire Aquarion Water Company in a deal worth nearly $1.7 billion.
They said this would combine New England’s largest energy company and the region’s largest private water company.
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.
Aquarion has more than 300 employees serves nearly 230,000 customers in Connecticut, Massachusetts and New Hampshire.
Eversource has 8,000 employees and 3.7 million electric and natural gas customers.
The transaction is expected to close by Dec. 31, according to a statement from Eversource.
The deal is comprised of $880 million in cash and $795 million of assumed Aquarion debt and Eversource says it intends to finance the transaction with a combination of cash and a small amount of debt.
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