Unitil to purchase three water companies in massachusetts and new hampshire from the aquarion water authority

Hampton, n.h., may 06, 2025 (globe newswire) -- unitil corporation (nyse: utl) (unitil.com) today announced that it has entered into a definitive agreement to acquire aquarion water company of massachusetts inc., aquarion water company of new hampshire, inc., and abenaki water co., inc. (the “aquarion companies”) from the aquarion water authority (“awa”) for $100.0 million including the assumption of approximately $30.0 million of debt, subject to certain closing conditions, customary purchase price adjustments, and purchase price adjustments for certain capital expenditures (the “transaction”). awa is a quasi-public corporation and political subdivision of the state of connecticut, and a standalone, newly created water authority. upon closing of the transaction, the aquarion companies will become wholly owned subsidiaries of unitil. the transaction is subject to customary closing conditions as well as other closing conditions, including (i) approval by the massachusetts department of public utilities, the new hampshire public utilities commission, and the maine public utilities commission and (ii) the closing of the sale of the ultimate parent company of the aquarion companies to awa, which was announced earlier this year and is expected to close in late 2025, at which time this transaction is also expected to close.
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