Aquarion Water Company to acquire New England Service Company
Connecticut-based Aquarion Company, the owner of Aquarion Water Company, has agreed to acquire New England Service Company (NESC) for $44.9 per share in an all-stock deal.
New England Service Company, which is based in Plainville, Connecticut, is mainly involved in the operation, management, and financing of water systems and other associated activities. Formed in 1997 for operating in regulated and unregulated water markets, New England Service Company owns four regulated water companies.
New England Service Company caters to customers across Connecticut, Massachusetts, and New Hampshire with regulated water service.
As per the terms of the deal, New England Service Company’s shareholders will exchange each of their shares with 0.51208 shares of Eversource Energy, the parent of Aquarion Company.
Aquarion Water Company, which is based in Bridgeport, provides regulated water service in Connecticut, New Hampshire, and Massachusetts.
The deal includes New England Service Company’s Valley Water System in Connecticut, Abenaki Water Company in New Hampshire, Colonial Water Company and Mountain Water Systems in Massachusetts, and also unregulated service operations in New England.
Aquarion Water Company will add around 10,000 customers to its existing base of 216,000 customers.
Aquarion Water Company to acquire New England Service Company. Photo courtesy of Tumisu from Pixabay.
Donald Morrissey – President of Aquarion Water Company said: “This merger will create long-term benefits for customers, employees, and the communities we serve.
“We will make investments in these water systems focused on reliability and water quality and deliver a superior customer experience. We also welcome NESC’s dedicated employees to the Aquarion team.”
In the past 10 years, Aquarion Water Company is said to have integrated more than 70 water systems into its operations.
Nicholas LaChance – New England Service Company President said: “The stockholders, customers and employees of NESC will benefit from this deal with Aquarion. We view this transaction with Aquarion as a win for all of our stakeholders, and we look forward to working closely with their team.”
The deal, which is subject to New England Service Company’s shareholders’ approval, regulatory approvals, and other conditions, is expected to close by the year end.