Deal involving Maine Water Co. finally gets the OK
A California company has closed its $1.1 billion acquisition of Connecticut Water, which owns Maine Water Co.
The buyer, San Jose-based SJW Group, now claims 1.5 million customers across California, Connecticut, Maine and Texas. Clinton, Conn.-based Connecticut Water provides water services to more than 136,000 customers in Connecticut and Maine, where it has 32,000 customers.
For the past month, the two companies had been awaiting approval from the Maine Public Utility Commission.
That approval came on Oct. 4, according to the Maine Public Utilities Commission’s website.
The PUC attached some similar conditions as Connecticut to its own approval.
The closing wraps a 20-month saga, during which the deal seemed, at times, to face an uncertain fate.
“This transaction brings together employees from two companies who share a passion for water and wastewater service, for being good corporate citizens and for preserving natural resources to sustainably serve current and future customers,” David Benoit, president of Connecticut Water, said in an announcement Wednesday. “We will have the benefits of national scale while maintaining the experienced local leadership teams and employees to meet our customers’ needs.”
Since it’s now a subsidiary, shares of CTWS’ common stock have ceased trading on Nasdaq. SJW remains a publicly listed company.
SJW’s shares have gained value over the past year, rising from about $60.50.
Editor's Note: This story originally ran in the Hartford Business Journal, an affiliate of Mainebiz.
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