July 19, 2012

CT Water eyes 2nd Maine water-service buyout

Clinton utility Connecticut Water Service Inc. is dipping deeper into Maine's water market, agreeing to buy a water company with 15,500 customers there – its second Pine Tree State deal in seven months.

Connecticut Water didn't disclose Thursday what it will pay for Biddeford and Saco Water Co.

Maine utility regulators and Biddeford and Sacco stockholders must approve the deal expected to close in the fourth quarter.

Currently, Connecticut Water's Maine Water division serves 16,000 customers, or about 48,000 people, in 17 communities throughout the state, assets acquired in January when it paid $36 million for the Maine water assets of Aqua America.

Biddeford and Saco serves southern Maine communities of Biddeford, Saco, Old Orchard Beach, and Scarborough.

CEO Eric W. Thornburg, in a statement announcing the latest deal, echoed his earlier assertion that Connecticut Water aims to be the largest investor-owned water utility in New England.

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