Aquarion Water Company and United Water Company announced Thursday a “definitive agreement” on the sale of United Water to Aquarion for $38 million, pending approval from state regulators.
If the purchase is approved, Aquarion would take control of United’s systems in Bethel, Brookfield, Newtown, Woodbury and New Milford, however United will retain public-private water systems in Newtown, Ridgefield, Killingly, Sharon, Stonington and Weston.
Aquarion will be taking on 24,000 customers with the acquisition, along with 34 ground water sources, nine aboveground storage facilities and over 110 miles of transmission and distribution water mains, according to United.
According to a press release issued by Aquarion, these systems fill a “major portion of the remaining gaps in infrastructure” in their plans to consolidate and integrate western Connecticut’s water systems
“The purchase of United Water’s Connecticut operations is consistent with our strategy of growth through acquisition,” Aquarion President and CEO Charles V. Firlotte said Thursday. “We are well-positioned to serve the residents of these towns with safe, high quality water and a level of customer service that has been rated the highest among all Connecticut utilities for five years in a row.”
“I’m confident that Aquarion will continue to provide high quality water and service to their new customers,” said Michael Pointing, vice president of United Water's New York Division. “In the interim, United Water remains fully committed to serving its customers and to working closely with Aquarion to ensure a seamless transition.”
The companies are familiar with working together, as .
With the completion of this acquisition, Aquarion will now be responsible for all aspects of water delivery to Greenridge residents.
The transaction is subject to regulatory approval from the Public Utilities Regulatory Authority (PURA) and is expected to take six months.