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Eversource's Aquarion to buy Plainville water utility parent | Hartford Business Journal


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. ....

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