Connecticut Water Service, Inc.

Connecticut Water Service, Inc. was a regulated water company based in Clinton, Connecticut. Connecticut Water served both the states of Connecticut and Maine through various operating names. In October 2019, the company was acquired by the SJW Group.

Connecticut Water Service, Inc.
NASDAQ: CTWS
Russell 2000 Index component
IndustryWater utilities
FateAcquired by the SJW Group
FoundedFebruary 1, 1956 (1956-02-01)
DefunctOctober 9, 2019 (2019-10-09)
Headquarters
Clinton, Connecticut
,
United States
Area served
Brands
  • Connecticut Water
  • Heritage Village Water
  • Avon Water
  • Maine Water

Business

Connecticut Water owned and operated water, drainage and sewage treatment systems in Connecticut and Maine. In the former, it operated variously as Connecticut Water, Heritage Village Water, and Avon Water. Business conducted in Maine was as Maine Water.

History

Connecticut Water Service had been incorporated on February 1, 1956.[1] It had been traded on NASDAQ under the ticker CTWS.[2]

In October 2018, it was announced that Connecticut Water Service was being acquired by the SJW Group, a water utility company based in San Jose, California, pending federal approval.[3] [4][5] Eversource Energy, an electric and gas utility serving most of New England (including areas served by Connecticut Water's Connecticut systems), submitted a rival bid, but was turned down by the board of Connecticut Water.[6]

The SJW Group had earlier formed Hydro Sub, Inc. to conduct the acquisition. It was dissolved on 9 October 2019 following the completion of the merger.[7]

References
  1. "Connecticut Water Service Company Profile". Reuters.com. Retrieved 10 October 2018.
  2. "Bloomberg". Bloomberg.com. Retrieved 10 October 2018.
  3. "SJW Group And Connecticut Water Service, Inc. To Combine In All-Stock Transaction To Create Leading Water Utility Company". www.prnewswire.com. Retrieved 10 October 2018.
  4. Singer, Stephen. "California Water Company Boosts Offer Price For Connecticut Water Service". Hartford Courant.
  5. "Connecticut Water's merger with SJW Group takes a new twist". Mainebiz. Retrieved 10 October 2018.
  6. "Connecticut Water Co. suitor rebuffs another takeover attempt by rival utility". The Hour. 18 August 2018.
  7. James P. Lynch (1 November 2019). "Note 5.". SJW Group 2019 Q3 Form 10-Q (Report). Securities and Exchange Commission. p. 14. Retrieved 8 November 2019.
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