BRIDGEPORT, Conn. — In a huge merger of public utilities, Eversource Energy will acquire Bridgeport-based Aquarion Water Co. in a deal announced Friday.
New England’s largest energy company will unite with the region’s largest private water company to serve nearly 4 million total customers in Connecticut, Massachusetts and New Hampshire, the companies said in a statement.
The deal has an enterprise value of $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 boasts a team of more than 300 employees operating the region’s largest water system. Eversource’s 8,000 employees serve 3.7 million electric and natural gas customers in Connecticut, Massachusetts and New Hampshire. Aquarion serves nearly 230,000 customers in the same states.
Aquarion is based in Bridgeport and serves much of Fairfield County. Eversource serves much of Connecticut, including most of Fairfield County except for parts of South Norwalk and the greater Bridgeport area.
“Eversource has such strong local ties to New England, and a commitment to operational excellence, customer service, and support for the communities we serve,” said Chuck Firlotte, Aquarion president and chief executive officer. “These are qualities we share and will serve us well as we join with Eversource’s incredible team of employees.”
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.