PARIS (dpa-AFX) - Eversource Energy (ES) said that it agreed to sell Aquarion Water Company to the Aquarion Water Authority for the aggregate enterprise value of approximately $2.4 billion. This includes approximately $1.6 billion in cash and $800 million of net debt that will be extinguished at closing.
The proceeds from the sale will allow Eversource to reduce parent company debt while efficiently reinvesting capital into its core electric and natural gas businesses.
The transaction is expected to close in late 2025.
As a result of the transaction, Eversource expects to record a loss on the planned sale of Aquarion of approximately $300 million in its results for the fourth quarter of 2024. This loss on sale includes approximately $140 million of estimated income tax expense.
Eversource reaffirmed its long-term earnings per share growth target of between 5% and 7% through 2028.
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