BRIDGEPORT, Conn., Oct. 3, 2022
/PRNewswire/ -- Aquarion Company (Aquarion), today announced that
it has completed the acquisition of The Torrington Water Company
(TWC). Aquarion, based in Bridgeport,
Connecticut, provides regulated water service through its
operating subsidiaries to customers in Connecticut, Massachusetts, and New Hampshire. TWC is a water utility based in
Torrington, Connecticut providing
regulated water service to Connecticut customers in Torrington and to portions of Burlington, Harwinton, Litchfield, and New
Hartford and is now a wholly-owned subsidiary of
Aquarion.
The transaction was structured as a stock-for-stock tax-free
reorganization for U.S. federal income tax purposes and provides
that stockholders of TWC each receive 1.0710 common shares of
Aquarion's parent, Eversource Energy (NYSE: ES), in exchange for
their TWC common stock, implying an enterprise value of
$86.4 million based on the closing
price for Eversource common shares on September 30, 2022. TWC has assets of
approximately $69 million.
The merger adds approximately 10,100 customers to Aquarion's
base of 226,000 customers. TWC's service area complements
Aquarion's existing footprint in northwestern Connecticut, and all TWC employees will be
retained.
"We are proud to welcome TWC's dedicated employees to the
Aquarion team. Both Aquarion and TWC have proud traditions dating
back to the 1800s and this merger will ensure this history lives on
and continues and will create long-term benefits for customers,
employees, and the communities we serve," said Donald Morrissey, President of Aquarion. "We
will continue to make needed investments in this water system to
ensure continued reliability and water quality for many decades to
come."
Including the TWC transaction, since 2011, Aquarion has
integrated 87 water systems across 27 transactions into its
operations, strengthening the company's ability to deliver
high-quality water to communities throughout the region.
The acquisition follows the approval by the Connecticut Public
Utilities Regulatory Authority. The acquisition was unanimously
approved by the Boards of Directors of both Aquarion and TWC and
was also approved by TWC's stockholders in June 2022.
Advisors and Counsel
Ropes & Gray LLP served as counsel to Aquarion Company and
Eversource Energy in the transaction. Boenning & Scattergood,
Inc. served as financial advisor and rendered a fairness opinion to
the Board of Directors of The Torrington Water Company. Pullman
& Comley LLC served as counsel to The Torrington Water
Company.
About Aquarion
Company:
Aquarion Company and its operating subsidiaries are the public
water supply provider for more than 750,000 people in 72 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 U.S. 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.
For more information on Aquarion Company, please visit
www.aquarionwater.com or www.facebook.com/aquarionwater.
About The Torrington Water
Company
Formed in 1873, and located in Torrington, CT, The Torrington Water Company
is a regulated public water utility that provides water service to
just over 10,000 customers, or about 37,000 people, in 5 towns.
For more information on The Torrington Water Company, please
visit www.torringtonwater.com.
This news release includes statements concerning Aquarion and
Aquarion Water Company's expectations, beliefs, plans, objectives,
goals, strategies, assumptions of future events, future financial
performance or growth and other statements that are not historical
facts, including statements regarding the benefits anticipated from
the merger with The Torrington Water Company. These statements are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Generally, readers can
identify these forward-looking statements through the use of words
or phrases such as "will," "estimate," "expect," "anticipate,"
"intend," "plan," "project," "believe," "forecast," "should,"
"could" and other similar expressions. Forward-looking statements
involve risks and uncertainties that may cause actual results or
outcomes to differ materially from those included in the
forward-looking statements. Factors that may cause actual results
to differ materially from those included in the forward-looking
statements include, but are not limited to: that we may not realize
the benefits we anticipate from the transaction; that unforeseen
liabilities or risks relating to integration of the acquired
business may arise; and other presently unknown or unforeseen
factors.
Other risk factors are detailed in Eversource Energy's
reports filed with the Securities and Exchange Commission (SEC) and
updated as necessary, and are available on Eversource Energy's
website at www.eversource.com and on the SEC's website at
www.sec.gov. All such factors are difficult to predict and contain
uncertainties that may materially affect Aquarion or Aquarion Water
Company's actual results, many of which are beyond our control. You
should not place undue reliance on the forward-looking statements;
each speaks only as of the date on which such statement is made,
except as required by federal securities laws, and Aquarion Water
Company undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events.
Media Contact:
Peter Fazekas
Director – Corporate Communications
Aquarion Water Company
Phone: (203) 336-7651
pfazekas@aquarionwater.com
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SOURCE Aquarion Company