Eversource has entered into a definitive agreement to sell Aquarion Water Company to the newly created Aquarion Water Authority for $2.4 billion, the company announced this week.

Nearly eight years after Eversource decided to dive into the water business, the utility is getting out of it entirely with a deal to sell its Aquarion Water Co. division to a newly created quasi-public authority in Connecticut.

The sale, which is valued at approximately $2.4 billion, includes $1.6 billion in cash and $800 million in net debt to be extinguished at closing. The total value represents 1.7 times the rate base as of December 2024.