HARRINGTON PARK, NJ, Feb. 23, 2012 -- United Water, a subsidiary of SUEZ ENVIRONNEMENT, has reached an agreement to sell its regulated water operations in Connecticut for $38 million to Aquarion Water Company of Bridgeport, Connecticut. The transaction, which is scheduled to close in the third quarter, is subject to regulatory approval of the Connecticut Public Utilities Regulatory Authority.
United Water Connecticut provides domestic water services to about 24,000 people in the towns of New Milford, Newtown, Brookfield, Bethel and Woodbury in Connecticut. The company utilizes 34 different ground water sources of supply, maintains nine above-ground storage facilities, and has over 110 miles of transmission and distribution water mains.
Bertrand Camus, Chief Executive Officer of United Water, stated that the sale of United Water Connecticut is consistent with the company's strategy to optimize its portfolio of regulated companies and municipal contracts. Connecticut regulated operations represent only one percent of the company's total regulated revenues and this divestiture will enable capital reallocation while customers will benefit from being part of a larger regulated entity in Connecticut.
"United Water will maintain a strong presence in Connecticut through its public-private partnerships with the municipalities of Killingly, Newtown, Ridgefield, Sharon, Stonington and Weston," Camus said. "Our company has a strong presence throughout New England in the water and wastewater industry."