BRIDGEPORT, Conn., Dec. 1, 2021 /PRNewswire/ -- Aquarion
Company today announced that it has completed the acquisition of
New England Service Company (NESC). Aquarion is a holding
company 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.
"Aquarion is pleased to be able to provide high-quality,
reliable water service to the customers previously served by NESC,"
said Aquarion President Donald
Morrissey. "We're also excited to welcome all of NESC's
employees who will now become part of our team. We look
forward to providing excellent service and industry-leading
technical expertise to all of the NESC customers joining the
Aquarion family."
The acquisition includes all of NESC's operations:
-
Connecticut:
-
- Valley Water System (serving customers in Farmington, Plainville and Southington)
-
Massachusetts:
-
- Colonial Water Company (serving customers in Dover and Plymouth)
- Mountain Water Systems (serving customers in Sheffield)
- New
Hampshire:
-
- Abenaki Water Company (serving customers in Belmont, Bow,
Bretton Woods area of Carroll, and Gilford)
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 NESC acquisition marks the 26th and largest
transaction that Aquarion has completed since 2011, adding 84
distinct systems over this ten-year period," said Morrissey. "Over
the course of these acquisitions, we've added more than 10% to our
customer base and through this consolidation, strengthened service
for new and existing customers alike. We're proud to have the
opportunity to provide outstanding water to even more families and
businesses across New England."
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.
About Aquarion Company:
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 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, please visit
www.aquarionwater.com or www.facebook.com/aquarionwater.
Media Contact:
Peter
Fazekas
Director – Corporate Communications
Aquarion Water Company
Phone: (203) 336-7651
pfazekas@aquarionwater.com
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SOURCE Aquarion Company