Aqua Maine Sold

BUCKSPORT — One of the country’s largest publicly traded water utilities announced June 27 that it plans to purchase Aqua Maine, Inc.

Connecticut Water Service, Inc. has entered into an agreement to purchase the Maine subsidiary of Aqua America, Inc.

Aqua Maine owns 11 water systems in the state and serves about 48,000 people.

The company contracts to operate Bucksport’s wastewater treatment facility.

In addition to customers in Bucksport, the company also serves those in Camden, Rockport, Rockland, Thomaston, Owls Head, South Warren, Union, Warren, Freeport, Greenville, parts of Little Moose Township, Greenville Junction, Hartland, Parsonsfield, Hiram, Porter, Millinocket, Oakland and Skowhegan, according to its website.

Once the acquisition is complete, Connecticut Water will serve approximately 106,000 customers, or a population of about 350,000 people, in Connecticut and Maine.

Under the agreement, Connecticut Water will purchase all of Aqua Maine’s capital stock for $35.8 million. The purchase price is subject to adjustments at closing, including approximately $17.7 million in long-term debt, reflecting a total enterprise value of approximately $53.5 million.

“This acquisition will make Connecticut Water the largest U.S.-based publicly traded water utility company in New England and will give us a critical mass to continue expanding throughout the region and along the East Coast,” said Connecticut Water President and CEO Eric W. Thornburg.

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Cyndi Wood

Cyndi Wood

Managing Editor
Cyndi is managing editor of The Ellsworth American. The Ellsworth native joined the staff of The American in 2007 as a reporter.
Cyndi Wood

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