The Connecticut Water Co. (CWC) has completed its $34 million acquisition of the Avon Water Co., adding 4,800 users to its customer base.
The deal includes $34 million paid to Avon shareholders and Connecticut Water’s assumption of approximately $6.1 million of debt, the company said in a statement.
The closing was effective July 1, following approval April 12 by Connecticut utility regulators, the company said.
Avon’s president, Bob Wesneski, will remain on board in a “leadership role,” said Eric W. Thornburg, CWC CEO. Avon’s geographic territory spans Avon, Farmington and Simsbury.
The Avon company retains its name, office, and employees. The merger will not affect the rates or service for customers of any of its sister companies at Connecticut Water, Heritage Village Water, and Maine Water.
CWC already serves more than 134,000 water customers in Connecticut and Maine, and more than 3,000 wastewater customers in Southbury.
