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June 2, 2025
Deal Watch

While traditional office space struggles broadly, coworking giant IWG expands rapidly in CT

Michael Puffer

The post-pandemic world has been a struggle for many owners of traditional office buildings, as broader acceptance of remote work translated into far less demand for space.

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Do you think the sale of Aquarion to a nonprofit, public entity will lower costs for consumers?
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Eversource-owned Aquarion Water Co., which supplies water to 59 Connecticut municipalities, is set to be acquired by a nonprofit, quasi-public entity that will share resources with the South Central Regional Water Authority (RWA) in New Haven.

The $2.4 billion deal is expected to close by the end of 2025, pending approval from the Public Utilities Regulatory Authority.

The new owner, Aquarion Water Authority, will share executive leadership with the RWA, but will operate as a separate entity.

Critics say the acquisition is a leveraged buyout that could lead to rate increases and lost tax revenue for municipalities in which Aquarion currently pays property taxes.

However, an RWA executive says the not-for-profit model will enable AWA to access tax-exempt debt, mitigating the costs of capital expenditures and rate increases.

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