State regulators have approved Clinton-based Connecticut Water Service’s $15.8 million acquisition of Heritage Village Water Co., the Clinton-based utility said Thursday.
Southbury-based Heritage adds 5,200 customers to CTWS, which provides water and wastewater services to customers in nearly 60 Connecticut cities and towns, including a dozen in Hartford County. It also has operations in Maine.
CTWS first announced the stock-for-stock purchase in May, which includes the assumption of $4.8 million in debt.
The acquisition is slated to close by March, CWTS said. Once it does, the company will have more than 127,000 customers in Connecticut and Maine.
The Public Utilities Regulatory Authority wrote in its decision that the deal “will lead to a synergistic relationship that will benefit CTWS with added revenues and HVWC with increased access to capital by being a subsidiary of a publicly traded parent company.”
