Eversource Energy plans to use the proceeds of its sale of Aquarion Water Co. to pay down debt and reinvest into its core electric and natural gas businesses. (Source: Shutterstock)
Eversource Energy has agreed to sell Aquarion Water Co. to the newly created Aquarion Water Authority (AWA) in Connecticut.
The company said the sale price of $2.4 billion includes $1.6 billion in cash and $800 million in debt eliminated at closing.
Eversource plans to use the proceeds to pay down debt and reinvest into its core electric and natural gas businesses. It expects to record a $300 million loss, including $140 million in income tax expenses, in its fourth-quarter results as a result of the sale.
Aquarion, headquartered in Bridgeport, serves almost 250,000 water and wastewater customers in 72 cities and towns across Connecticut, Massachusetts and New Hampshire.
The transaction is expected to close in late 2025. It is subject to regulatory approval in Connecticut, Massachusetts and New Hampshire, as well as other customary closing conditions.
Citi and Morgan Stanley & Co. LLC served as financial advisers to Eversource Energy. Ropes & Gray LLP served as legal counsel to Eversource Energy.
Barclays served as M&A advisor to AWA. Cravath, Swaine & Moore LLP served as legal counsel to AWA.
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