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Macquarie Bank, Ltd. of Australia and the U.K.-based Kelda Group plc announced that Macquarie and an affiliate entity will acquire Aquarion Co. for $860 million.
Macquarie is one of the largest and most experienced global investors and managers of infrastructure assets. Macquarie also is a long-term investor and manager of important community assets. In recent years, Macquarie and its affiliated entities have invested in and continue to manage projects such as utilities, ports, tunnels, airports and toll roads, and have a strong and growing presence in the U.S.
Commenting on the transaction, Aquarion Company President and CEO Charles V. Firlotte said, “I am delighted to announce this agreement, as it is great news for Aquarion's customers and employees. Macquarie is a well-respected organization and an international leader in infrastructure investment.” He added, “Of particular interest for Aquarion employees and customers is Macquarie’s depth of experience in the regulated utility arena. Macquarie and Aquarion’s shared commitment to deliver high-quality water, customer service excellence and operating efficiency constitute an exciting and winning development for us all.”
The acquisition is subject to regulatory approval, including from the Public Utility Commissions in Connecticut, New York and New Hampshire. Closing of the transaction is expected to occur during the fourth quarter of 2006.