CT water co. sets $4.8M budget for ME acquisition
The Connecticut company planning to acquire the Biddeford and Saco Water Co. on Monday approved a $4.8 million budget for the Maine facility as part of an overall $31.3 million spending plan.
Connecticut Water Service Inc., out of Clinton, Conn., announced its plans to buy Biddeford and Saco Water Co. in July. The state's Public Utilities Commission approved the purchase earlier this month.
The Biddeford and Saco utility serves around 16,000 customers in Biddeford, Saco, Old Orchard Beach and Scarborough. The Connecticut company purchased another Maine company, Maine Water, formerly Aqua Maine, in January and serves around 16,000 customers in 17 communities throughout the state.
The total spending plan does not include payments for capital improvements that the Connecticut Water Service agreed to make at the Maine-based company after it announced the acquisition plans.
Reporting contributed by the Hartford Business Journal.
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