Utility Connecticut Water Service Inc. has agreed to buy Biddeford and Saco Water Co. for an undisclosed amount. It's the Clinton, Conn.-based company's second acquisition in Maine in seven months, the Hartford Business Journal reported.
If Maine utility regulators and Biddeford and Saco stockholders approve the deal, it will likely close in the fourth quarter of the year. Biddeford and Saco Water has 15,500 customers in Biddeford, Old Orchard Beach, Saco and Scarborough.
Connecticut Water in January paid $54 million to acquire the Maine assets of Aqua America. It currently serves 16,000 customers, or about 48,000 people, in 17 communities throughout the state. CEO Eric W. Thornburg, in a statement announcing the latest deal, said Connecticut Water aims to be the largest investor-owned water utility in New England.