A California company has closed its $1.1 billion acquisition of Connecticut Water, a Clinton-based utility that provides water services to more than 136,000 customers in Connecticut and Maine.
A California water purveyor’s long-delayed acquisition of Connecticut Water Service Inc. was pushed forward Wednesday after state regulators blessed the $1.1 billion deal.
Connecticut Water Service Inc., which is nearing a decision from state regulators on its proposed $1.1 billion merger with a California water supplier, said its second-quarter profits jumped about 22 percent due partly to increased rate revenues in its home state.
Connecticut Water Service Inc., which is currently lobbying state regulators to allow its $1.1 billion tie up with a California water supplier, said its first-quarter profits flipped from red to black thanks to increased base rate revenues.
Executives of the Connecticut Water Service Inc. and California water supplier SJW Group made a renewed case for their stalled $1.1 billion merger at a hearing before the Public Utilities Regulatory Authority in New Britain on Monday, effectively launching a new bid to win over the same regulatory body that thwarted their combination less than six months ago.