Eversource is selling its subsidiary that provides water to five Massachusetts towns to a newly created quasi-public water authority in Connecticut.

Eversource Energy is selling its Aquarion Water Company to the Aquarion Water Authority (AWA), a quasi-public corporation in the state of Connecticut, for $2.4 billion. The deal, subject to certain closing adjustments,

Eversource has announced a final agreement to sell Aquarion Water Company for approximately $2.4 billion. The company is being sold to Aquarion Water Authority and South-Central Connecticut Regional Water Authority.

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.

Bridgeport-based Aquarion serves nearly 250,000 customers in 72 cities and towns across Connecticut, Massachusetts, and New Hampshire.