Nearly eight years after Eversource decided to dive into the water business, the utility is getting out of it entirely with a deal to sell its Aquarion Water Co. division to a newly created quasi-public authority in Connecticut.

The sale, which is valued at approximately $2.4 billion, includes $1.6 billion in cash and $800 million in net debt to be extinguished at closing. The total value represents 1.7 times the rate base as of December 2024.

Eversource said previously it would sell Aquarion after utility regulators in 2023 denied a rate increase for Aquarion

ES announces sale of Aquarion Water Company. This should help the company to focus on its core electric and natural gas operations.

Eversource has announced a final agreement to sell Aquarion Water Company for approximately $2.4 billion. The company is being sold to Aquarion Water Authority and South-Central Connecticut Regional Water Authority.

Eversource Energy is selling its Aquarion Water Company to the Aquarion Water Authority (AWA), a quasi-public corporation in the state of Connecticut, for $2.4 billion. The deal, subject to certain closing adjustments,

Eversource has entered into a definitive agreement to sell Aquarion Water Company to the newly created Aquarion Water Authority for $2.4 billion, the company announced this week.

Eversource Energy sells Aquarion Water Company for $2.4B including debt, plans to reinvest in core businesses and maintain long-term earnings growth target.

The sale to the newly-created Aquarion Water Authority, a standalone, newly-created water authority alongside the RWA, is expected to close in late 2025.

Eversource is selling its subsidiary that provides water to five Massachusetts towns to a newly created quasi-public water authority in Connecticut.