Unitil completes $55.8m purchase of two New Hampshire water companies
Unitil Corporation acquired Aquarion Water Company of New Hampshire and Abenaki Water Co. for $55.8 million, adding 11,000 water customers and 150 miles of mains. The deal, funded by a Scotiabank term loan, expands Unitil's total customer base to 226,100 across New England. The acquisition is expected to support long-term earnings per share growth of 5% to 7%.
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Unitil Corporation has finalized the acquisition of Aquarion Water Company of New Hampshire and Abenaki Water Co. from the Aquarion Water Authority for $55.8 million. The transaction, which closed on June 30, 2026, expands Unitil’s regulated utility footprint within a state it already serves. This strategic move is expected to be earnings accretive over the long term, supporting the company’s targeted earnings per share growth of 5% to 7%.
The Stock Purchase Agreement was initially announced on May 6, 2025, and was subsequently amended to limit the purchase to the two specific entities. All conditions for the deal were met, including securing approvals from the New Hampshire and Maine Public Utilities Commissions. The acquired water systems comprise approximately 150 miles of distribution mains and serve roughly 11,000 customers across eight communities in New Hampshire.
Financial Details and Funding
The total purchase price of $55.8 million included the assumption of approximately $13.7 million of debt, plus about $0.6 million for estimated working capital and reimbursable capital expenditures. Unitil funded the transaction through a term loan provided by Scotiabank. The rate base for the Aquarion Companies is estimated to be approximately $47.0 million as of December 31, 2025.
| Acquisition Metric | Value |
|---|---|
| Purchase Price | $55.8 million |
| Debt Assumed | $13.7 million |
| Working Capital/CapEx | $0.6 million |
| Estimated Rate Base (Dec 31, 2025) | $47.0 million |
| Water Distribution Mains | ~150 miles |
| Customers Served | ~11,000 |
Strategic Impact
With this acquisition, Unitil now serves approximately 226,100 customers across New Hampshire, Maine, and Massachusetts. The breakdown includes 110,100 electric customers, 105,000 natural gas customers, and 11,000 water customers. Thomas P. Meissner Jr., Unitil’s Chairman and Chief Executive Officer, stated that the deal represents a unique opportunity to expand into a complementary regulated utility service.
Unitil was advised in the transaction by Scotiabank and the law firm Dentons. The company remains committed to maintaining service quality for the newly acquired customer base and integrating the experienced local teams of the Aquarion Companies.
How will Unitil integrate the operational systems of the newly acquired water utilities with its existing electric and gas infrastructure?
Does Unitil plan to pursue further acquisitions in the water utility sector to diversify its revenue streams?
What are the expected capital expenditure requirements for upgrading the 150 miles of acquired distribution mains?
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