Aquarion Water Company, Inc. completed the acquisition of The Torrington Water Company from O&G Industries, Inc. and others.
The completion of the merger will require approval by the stockholders of TWC. The merger is also subject to the satisfaction of several other customary closing conditions, including the approval of the Connecticut Public Utilities Regulatory Authority. The Board of Directors of TWC and Aquarion Company, parent of Aquarion Water Company unanimously approved the agreement. As of May 6, 2022, the shareholders meeting of TWC is scheduled on June 14, 2022. As of May 17, 2022, the shareholders meeting of TWC is scheduled on June 16, 2022. The transaction was approved by TWC shareholders on June 16, 2022. Transaction is expected to complete by the end of 2022. Transaction is expected to close in the fourth quarter of 2022.
Boenning & Scattergood, Inc. acted as financial advisor and provided a fairness opinion with a service fee of $0.16 million and $0.24 million respectively to the Board of Directors of TWC. Pamela Glazier, Michael Mendelevich, Steven Rutkovsky, and Marko Zatylny of Ropes & Gray LLP acted as legal advisor to Aquarion Company and Eversource Energy. Sandra D. Dawson, Nancy A. D. Hancock, Lee D. Hoffman, George J. Kasper, Frederic Lee Klein, D. Robert Morris and Kelly F. O'Donnell of Pullman & Comley LLC acted as legal advisor to TWC. Alliance Advisors, LLC acted as information agent with a service fee of $20,000 to TWC.
Aquarion Water Company, Inc. completed the acquisition of The Torrington Water Company (OTCPK:TORW) (TWC) from O&G Industries, Inc. and others on October 3, 2022. The acquisition follows the approval by the Connecticut Public Utilities Regulatory Authority.