Nearly eight years after Eversource decided to dive into the water business, the utility is getting out of it entirely with a deal to sell its Aquarion Water Co. division to a newly created quasi-public authority in Connecticut.

Eversource said previously it would sell Aquarion after utility regulators in 2023 denied a rate increase for Aquarion

The sale, which is valued at approximately $2.4 billion, includes $1.6 billion in cash and $800 million in net debt to be extinguished at closing. The total value represents 1.7 times the rate base as of December 2024.