BRIDGEPORT, CONN. – August 17, 2020 – Aquarion Water Company announced today that it will acquire the Town of Canaan, Connecticut’s municipally-owned water system. The acquisition was formalized through the signing of an Asset Purchase Agreement with the town in June 2020. The purchase price for the system is $345,000 and includes all existing water infrastructure in Canaan such as water mains, hydrants, storage tanks, and water supply wells. Upon approval from state regulators, Aquarion will begin providing water service to Canaan’s 124 customers.
“We’re pleased to have the opportunity to provide safe, high-quality drinking water to Canaan’s families and businesses,” said Donald Morrissey, President of Aquarion Water Company. “Through this acquisition, Aquarion will be able make prudent investments in Canaan’s infrastructure and deliver industry-leading customer service for years to come. We welcome Canaan customers to the Aquarion family.”
Since 2011, Aquarion has purchased and integrated 69 Connecticut water systems into its portfolio, strengthening the company’s ability to deliver high-quality water to communities throughout the state.
“Canaan residents need to be able count on safe, quality water,” said Henry Todd, Canaan’s First Selectman. “That means having trained professionals on the job and reliable water infrastructure, with Aquarion, we’ll have both. Additionally, the proceeds from the sale can be used for important capital investments in our community."
Aquarion expects the transaction to close in the first quarter of 2021, following regulatory approvals with the Connecticut Public Utilities Regulatory Authority and the Connecticut Department of Public Health.
Aquarion Water Company is the public water supply company for more than 625,000 people in 52 cities and towns throughout Connecticut, as well as serving customers in Massachusetts and New Hampshire. It is the largest investor-owned water utility in New England and among the seven largest in the U.S. Based in Bridgeport, CT, it has been in the public water supply business since 1857. Across its operations, Aquarion strives to act as a responsible steward of the environment and to assist the communities it serves in promoting sustainable practices. Aquarion Water Company is a wholly-owned subsidiary of Eversource.