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.
The Torrington Water Co., which has assets of approximately $65 million, provides water service to customers in Torrington and portions of Burlington, Harwinton, Litchfield and New Hartford. It serves about 10,100 customers.
Aquarion said all TWC employees will be retained.
The acquisition must win the approval of Torrington Water stockholders. It is also subject to approval from the Public Utilities Regulatory Authority.
