In The News10.05.2022

Aquarion Company Completes the Acquisition of The Torrington Water Company

Yahoo Finance

Aquarion Company, the parent of Aquarion Water Company, announced on October 5 that it has completed acquisition of all outstanding shares of The Torrington Water Company (TWC), a public water utility that provides water services in the city of Torrington and the towns of Burlington, Harwinton, Litchfield and New Milford. Under the terms of the merger agreement, which was unanimously approved by the boards of directors of both Aquarion and TWC and announced on March 8, 2022, a subsidiary of Aquarion was merged into TWC, all outstanding shares of TWC were exchanged, and TWC became a wholly-owned subsidiary of Aquarion on October 3, 2022.  The acquisition was executed through a stock-for-stock transaction structured as a tax-free reorganization.  Under the merger agreement, the stockholders of TWC received common shares of Aquarion's parent, Eversource Energy, in exchange for their TWC common stock.

A team of Pullman & Comley attorneys led by Nancy A. D. Hancock served as counsel to The Torrington Water Company in its acquisition by Aquarion.  The merger adds approximately 10,100 customers to Aquarion's base of 226,000 customers. TWC’s service area complements Aquarion's existing footprint in northwestern Connecticut, and all TWC employees will be retained. The acquisition promptly followed the approval by the Connecticut Public Utilities Regulatory Authority.

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