The acquisition by Aquarion includes Mountain Water Systems, an NESC subsidiary that bought the Sheffield Water Company from the French and Bartholomew families in 2017. The Sheffield system serves about 500 customers.
/PRNewswire/ Aquarion Company today announced that it has completed the acquisition of New England Service Company (NESC). Aquarion is a holding company.
Bridgeport-based Aquarion Co. said it has agreed to purchase Plainville’s New England Service Co., which operates four water utilities in Connecticut, Massachusetts and New Hampshire.
Shareholders of NESC, which trades on the OTC Pink Sheets, would receive 0.51208 shares of Eversource common stock for each NESC share they hold. Aquarion said the value of the transaction is $40.6 million plus approximately $10 million in assumed debt.
Based on the April 6 closing share price of Eversource and NESC, the deal implies a value of $44.90 per NESC share, a 95% premium over its April 6 closing price of $23 per share, the parties said.
The NESC-owned Valley Water Systems, which has over 6,800 customers in Plainville, Southington, and Farmington, is the largest of NESC’s regulated holdings. The others include Colonial Water Co. and Mountain Water Systems in Massachusetts, and Abenaki Water Co. in New Hampshire.
Aquarion Water Co. to acquire Plainville-based NESC, owner of utilities in three states
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Putnam Reservoir in Greenwich, Conn.Tyler Sizemore / Hearst Connecticut MediaShow MoreShow Less
Officials with Aquarion Water Co. said Friday the Bridgeport-based utility has entered into a definitive agreement to acquire New England Service Co., a Plainville firm that operates water companies in Connecticut and two other states.
The agreement has been approved by both boards of directors and calls for all NESC employees to keep their jobs. The deal will add about 10,000 customers to Aquarion’s existing customer base of 216,000, which is spread across Connecticut, Massachusetts and New Hampshire.
New England Service Company To be Acquired by Aquarion Water Company
Region s largest private water company expands operations in Connecticut, Massachusetts and New Hampshire
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BRIDGEPORT, Conn., April 8, 2021 /PRNewswire/ Aquarion Company (Aquarion), parent of Aquarion Water Company, and New England Service Company (NESC) (OTC Pink Sheets Trading Symbol: NESW) today announced that they have entered into a definitive agreement whereby Aquarion will acquire all outstanding shares of NESC and NESC will become a wholly-owned subsidiary of Aquarion. Aquarion is a water supply company and holding company based in Bridgeport, Connecticut, providing 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.