The sale, which is valued at approximately $2.4 billion, includes $1.6 billion in cash and $800 million in net debt to be extinguished at closing. The total value represents 1.7 times the rate base as of December 2024.

Nearly eight years after Eversource decided to dive into the water business, the utility is getting out of it entirely with a deal to sell its Aquarion Water Co. division to a newly created quasi-public authority in Connecticut.

Eversource announced on Monday that they sold Aquarion Water Company, according to a press release. Aquarion has been acquired by Aquarion Water Authority (AWA), a quasi-public corporation and a standalone authority alongside the South Central Connecticut Regional Water Authority (RWA).