The Aquarion Co. – which along with its subsidiaries provides water to more than 750,000 people in 72 Connecticut, Massachusetts and New Hampshire communities – announced Monday morning that it has completed its acquisition of The Torrington Water Co.
The merger adds about 10,100 customers to Aquarion’s base of 226,000 customers, the company said. Aquarion is a subsidiary of utility giant Eversource.
Eversource’s water service subsidiary Aquarion has agreed to acquire the Torrington Water Co.
Under the terms of the deal already approved by the boards of directors of both companies Aquarion would take control of Torrington Water through a stock-for-stock transaction in which TWC investors would receive common shares of Eversource in exchange for their stake in the company. The arrangement implies a per-share price of $92.81.
Eversource said it expects to issue between 885,000 and 925,000 common shares at closing.