Unitil and Eversource Announce Water Utility Deals
New England Council member Unitil Corp, announced plans to acquire three water companies from Aquarion Water Authority, a public water supply and wastewater treatment company. The companies, Aquarion Water Co. of Massachusetts, Aquarion Water Co. of New Hampshire, and Abenaki Water Co., will be collectively sold for $100 million (including approximately $30 million in debt) and are expected to occur in late 2025. Simultaneously, Eversource, also a New England Council member, is in the process of selling Aquarion Water Co. to the authority company and expects to complete its $2.4 billion deal around the same time.
Unitil’s acquisition of the three companies will add 330 miles of water distribution mains in Massachusetts and New Hampshire, and around 23,000 customers across 15 of the state’s communities. Proceeds from Eversource’s sale will enable it to reinvest capital into its core electric and natural gas businesses.
“Our acquisition of the Aquarion Companies presents a unique opportunity to expand into a complementary regulated utility service in states where we currently operate,” said Unitil’s Chairman and Chief Executive Officer. Thomas P. Meissner, Jr. “We look forward to welcoming the Aquarion Companies’ dedicated, locally managed teams to Unitil…”
The New England Council extends its congratulations to Unitil and Eversource; these agreements are significant steps for utility infrastructure in the region.
Read more via the Union Leader.