Latest News
Aquarion Closes Acquisition of Water Service Provider New England Service Co
Monday 06 December 2021

US-based water service holding company Aquarion Company has completed the acquisition of New England Service Company, the company said.

Aquarion is headquartered in Bridgeport, Connecticut, and through its wholly-owned operating subsidiaries provides regulated water service to customers in Connecticut, Massachusetts, and New Hampshire.

NESC is a holding company based in Plainville, Connecticut providing regulated water service to customers in Connecticut, Massachusetts, and New Hampshire.

Through the acquisition, NESC is now a wholly-owned subsidiary of Aquarion.

This acquisition adds nearly 10,000 former NESC customers to Aquarion's base of 216,000 customers with all NESC employees being retained.

The acquisition follows the approval of the Connecticut Public Utilities Regulatory Authority, the Massachusetts Department of Public Utilities, and the New Hampshire Public Utilities Commission.

The acquisition was unanimously approved by the boards of directors of both Aquarion and NESC and was also approved by NESC's stockholders in August 2021.

The acquisition was executed through a stock-for-stock transaction structured to be a tax-free reorganization.

Through the acquisition, NESC stockholders received 0.51208 shares of the common shares of Aquarion's parent, Eversource Energy, in exchange for each share of NESC common stock. In connection with the exchange, Eversource Energy issued approximately 463,000 shares of Eversource common stock at closing.

Aquarion company is the public water supply company for more than 700,000 people in 68 cities and towns in Connecticut, Massachusetts and New Hampshire.

It is the largest investor-owned water utility in New England and among the seven largest in the US Based in Bridgeport, CT, Aquarion has been in the public water supply business since 1857.

Across its operations, Aquarion strives to act as a responsible steward of the environment and to assist the communities it serves in promoting sustainable practices. Aquarion company is a wholly-owned subsidiary of Eversource.
Details
Date Published: 06/12/2021

Options