The Aquarion Water Authority’s $2.4 Billion Acquisition of Aquarion Water Company from Eversource Energy

On January 27, 2025, the Aquarion Water Authority, a quasi-public corporation and political subdivision of the State of Connecticut and a standalone, newly created water authority alongside the South Central Connecticut Regional Water Authority, announced that it has entered into a definitive agreement to acquire Aquarion Water Company from Eversource Energy, an energy provider which transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. Subject to certain closing adjustments, the aggregate enterprise value of the sale is approximately $2.4 billion, which includes approximately $1.6 billion in cash and $800 million of net debt that will be extinguished at closing. Cravath is representing the Aquarion Water Authority in connection with the transaction.

The Cravath team is led by partners Aaron M. Gruber and Edward O. Minturn and includes foreign associate attorney Eduardo K.M. Benclowicz on M&A matters; partners Craig F. Arcella and Matthew M. Kelly and associate Carly B. Sadicario on financing matters; partner Lauren Angelilli and associates Carlos Nicholas Obando, Christopher M. Winters and Frederick Schemel on tax matters; partner Jonathan J. Katz and of counsel Sarah W. Colangelo on executive compensation and benefits matters; partner David J. Kappos and associates Leslie Liu and Matthew L. Ybarra on intellectual property matters; partner Matthew Morreale, senior attorney Annmarie M. Terraciano and associate Star S. Gulant on environmental matters; partner Noah Joshua Phillips, senior attorney John F. Kendrick and associate Lavinia M. Hecht on antitrust matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Lindsey Corbett also worked on financing matters and Keanna N. Joseph worked on executive compensation and benefits matters.