Connecticut regulators approve sale of Aquarion

As expected, Connecticut regulators approved Aquarion Water’s $1.7 billion sale to Eversource Energy, combining the largest energy and water companies in the state even as Eversource revealed plans to increase electricity rates beginning next May. Eversource is paying $880 million in cash and assuming another $795 million in Aquarion debt to acquire the water company from Macquarie, with Aquarion’s assets valued at $1.1 billion as of March. Under CEO Chuck Firlotte, Aquarion generated revenue of $181 million last year from its Connecticut operations, and profits of $39.7 million. In Connecticut, the company serves some 625,000 customers. Read more here.