Eversource Energy, which had announced that it had reached an agreement to acquire Aquarion Water Company for an enterprise value of US$1.675 billion, comprised of $880 million in cash and $795 million of assumed Aquarion debt, has revealed that regulators in the state of Connecticut, United States (U.S.), has approved of the acquisition.
“This transaction combines two companies that are leaders in providing the critical infrastructure New England residents and businesses need to grow and thrive,” Jim Judge, chairman, president and CEO of Eversource, said. “Both companies’ dedicated employees work relentlessly to put customers first, and that commitment to reliability and customer service will remain paramount.”
Aquarion is highly respected in the industry, with top customer favourability ratings and an impressive team of more than 300 employees operating the region’s best water system.
“Eversource has such strong local ties to New England, and a commitment to operational excellence, customer service, and support for the communities we serve,” Chuck Firlotte, Aquarion president and CEO, commented. “These are qualities we share and will serve us well as we join with Eversource’s incredible team of employees.”
Since 2007, Aquarion has been owned by a partnership led by Macquarie Infrastructure Partners. Aquarion’s superior operational performance earned the company a number one ranking among Northeast water companies in recent customer satisfaction surveys. Eversource is recognised as the top U.S. utility for its energy efficiency programs, saving its customers nearly US$1 billion and resulting in a reduction of carbon dioxide emissions by three-quarters-of-a-million tons annually.
Judge noted the transaction underscores Eversource’s commitment to be a catalyst for helping New England meet its environmental and sustainability goals.
“Welcoming Aquarion to our team provides an exciting opportunity to add a new, highly complementary business line that delivers high quality water at affordable rates,” Judge added. “For Aquarion, becoming a part of Eversource ensures local ownership that is committed to providing the resources needed to make investments in the business to drive long-term success.”
Source: Connecticut Post