Pullman & Comley Serves as Counsel to The Torrington Water Company in Merger with Aquarion Water Company
A team of Pullman & Comley attorneys led by Nancy A. D. Hancock has served as counsel to The Torrington Water Company (Torrington) in its acquisition by Aquarion Water Company (Aquarion). Under the terms of the agreement, which was unanimously approved by the boards of directors of both Aquarion and Torrington and announced on March 8, 2022, Aquarion will acquire all outstanding shares of Torrington, and Torrington will become a wholly-owned subsidiary of Aquarion.
The acquisition will be executed through a stock-for-stock transaction that is structured to be a tax-free reorganization. The agreement provides that the stockholders of Torrington will receive common shares of Aquarion's parent, Eversource Energy, in exchange for their Torrington common stock.
The completion of the transaction will require approval by the stockholders of Torrington, and the Torrington Board of Directors has resolved to recommend the adoption of the merger agreement by the stockholders. The transaction is also subject to the approval of the Connecticut Public Utilities Regulatory Authority, and satisfaction of several other customary conditions. The parties plan to file all required regulatory applications over the coming months with an anticipated closing by the end of 2022.
You may read the complete press release issued by Aquarion Water Company here.