Connecticut Water Service Inc. has completed its purchase of Aqua Maine for nearly $54 million. Aqua Maine, a subsidiary of water utility Aqua America, will be renamed The Maine Water Co.
Connecticut Water Service in July announced its plans to buy Aqua Maine, which owns 11 water systems in the state and serves about 16,000 customers in 20 communities, according to a press release. Connecticut Water purchased Aqua Maine's capital stock for a cash price of $35.8 million and assumed approximately $17.7 million in long-term debt. The acquisition expands Connecticut Water Service's customer base of 106,000 by 18% and positions the company for future New England growth, the release states. Judy Wallingford will remain as president of the Maine division, and all Maine employees will be retained.
The Maine Public Utilities Commission approved the deal with the stipulation that Maine Water not seek a rate increase in 2012.