Special to Hampton Union
Hampton Union, Tuesday, February 28, 2006
[The following article is courtesy of the Hampton Union and Seacoast Online.]
Macquarie Bank Limited of Australia and the U.K.-based Kelda Group announced Macquarie and an affiliate entity will acquire Aquarion Water Company for $860 million.
The acquisition is subject to regulatory approval, including from public utility commissions in Connecticut, New York and New Hampshire.
Aquarion Water Company President and Chief Executive Officer Charles V. Firlotte said he was happy with the transaction.
"I'm delighted to announce this agreement, as it is great news for Aquarion's customers and employees. Macquarie is a well-respected organization and an international leader in infrastructure investment," Firlotte said.
"Of particular interest for Aquarion employees and customers is Macquarie's depth of experience in the regulated utility arena.
"Macquarie and Aquarion's shared commitment to deliver high-quality water, customer service excellence, . and operating efficiency constitute an exciting and winning development for us all," Firlotte said.
Closing of the transaction is expected to occur during the fourth quarter of 2006.