Utilities Acquisitions in United States

Constellation (Nasdaq: CEG) completed its acquisition of Calpine Corporation from Energy Capital Partners (ECP), creating the nation’s largest producer of electricity with about 55 GW of generating capacity. The combination brings together Constellation’s nuclear fleet with Calpine’s natural gas and geothermal generation and expands Constellation’s footprint in key markets including Texas and California while serving about 2.5 million retail and business customers nationwide.

Canada Pension Plan Investment Board (CPP Investments) and Global Infrastructure Partners (GIP) completed the acquisition of ALLETE, Inc. following final approval from the Minnesota Public Utilities Commission. Under the merger agreement, the buyers acquired all outstanding ALLETE shares for $67 per share in cash, and ALLETE will remain headquartered and locally managed in Duluth, Minnesota.

California American Water, a subsidiary of American Water, completed the acquisition of the Yerba Buena Water Company water system, which serves approximately 250 customers. The transaction had been approved by the California Public Utilities Commission and California American Water will begin providing service to customers immediately.

New Jersey American Water, a subsidiary of American Water, completed the acquisition of the South Orange Village municipally owned water system for $19.7 million. The system serves approximately 5,000 water customer connections and had been operated by New Jersey American Water since 2016 under contract. New Jersey American Water plans to invest $50 million in infrastructure improvements over the first 10 years of ownership.

California American Water, a subsidiary of American Water, completed the acquisition of the Bass Lake Water Company water system serving approximately 1,000 customers in the Bass Lake area. The transaction was previously approved by the California Public Utilities Commission and is intended to support operation of a new water treatment plant and future infrastructure improvements, with service transition beginning August 19, 2025.

Essential Utilities, Inc.’s subsidiary Aqua Pennsylvania finalized the acquisition of the City of Beaver Falls wastewater system in Beaver County, Pennsylvania for $37.75 million. The system serves roughly 3,200 customers in Beaver Falls and also provides bulk transmission and treatment service to about 3,800 equivalent dwelling units across seven nearby municipalities, following approval by the Pennsylvania Public Utility Commission.

Delta Utilities, a Bernhard Capital Partners portfolio company, completed the acquisition of Entergy’s two regulated natural gas utilities serving communities in New Orleans and East Baton Rouge Parish. The deal adds more than 200,000 residential and commercial customers and approximately 200 employees to Delta Utilities’ Louisiana and Mississippi footprint.

Pennsylvania American Water has completed the acquisition of Manwalamink Water and Sewer Company’s water and wastewater systems serving approximately 1,260 water and 1,260 wastewater connections in Middle Smithfield and Smithfield townships, Monroe County. The transaction was approved by the Pennsylvania Public Utility Commission, and Pennsylvania American Water plans to invest more than $7 million in system improvements over the next five years.

EQT, through its EQT Infrastructure VI fund, has agreed to acquire Seven Seas Water Group from Morgan Stanley Infrastructure Partners (Morgan Stanley Investment Management). Seven Seas Water develops, owns, and operates decentralized water and wastewater treatment plants across the United States, the Caribbean, and Latin America via its Water-as-a-Service model, with more than 220 plants under management. The transaction is subject to customary conditions and approvals.

California American Water acquired the Mesa Del Sol water system in the Corral de Tierra area of Salinas, following a project to interconnect it with California American Water’s Toro Park system to address water quality challenges. The acquisition adds 15 new water connections and brings Mesa Del Sol residents access to California American Water’s billing, conservation, and customer service programs.

Blackstone Infrastructure entered into an agreement to acquire TXNM Energy in an all-cash transaction valued at $61.25 per share, implying a total enterprise value of approximately $11.5 billion including net debt and preferred stock. TXNM Energy’s regulated utility subsidiaries PNM and TNMP are expected to remain locally managed and operated, with the deal targeted to close in the second half of 2026 subject to shareholder and regulatory approvals.

Delta Utilities, a portfolio company of Bernhard Capital Partners, acquired CenterPoint Energy's three regulated natural gas local distribution companies serving communities across Louisiana and Mississippi. The deal includes roughly 12,000 miles of main pipeline serving about 380,000 residential and commercial customers.

Shell Energy North America (US), L.P., a subsidiary of Shell plc, completed the previously announced acquisition of a 100% equity stake in RISEC Holdings, LLC. RISEC owns a 609 MW two-unit combined-cycle gas turbine power plant located outside Providence, Rhode Island, which serves the ISO New England power market. The sellers included funds managed by Carlyle (51% prior ownership) and EGCO RISEC II, LLC, a subsidiary of Electricity Generating Public Company Limited (EGCO) (49% prior ownership).

Alvarez & Marsal Capital Partners Fund III (A&M Capital Partners) signed a definitive agreement, through a newly formed affiliate, to acquire a majority stake in East Coast Power, an electric utility services provider headquartered in Albany, New York. Founder Darren Donohue will remain a large shareholder and operating executive as the company pursues national expansion via organic initiatives and strategic M&A.

Ridgewood Infrastructure announced the sale of its 80% ownership interest in SiEnergy, a regulated natural gas distribution utility serving the Houston, Dallas, and Austin metro areas, to Northwest Natural Holding Company (NYSE: NWN). Ridgewood had owned SiEnergy since 2019 and scaled the utility’s customer base from roughly 20,000 to more than 70,000 during its ownership.

Pennsylvania American Water, a subsidiary of American Water, completed the acquisition of Farmington Township’s water and wastewater system in Clarion County, Pennsylvania and separately acquired the Corner Water Supply and Service Corporation water system. The transactions were valued at approximately $5.8 million combined (with Corner Water purchased for $250,000) and expand Pennsylvania American Water’s regulated service footprint in Clarion County, with planned multi-million-dollar infrastructure upgrades.

Illinois American Water, a subsidiary of American Water, completed an $8.4 million acquisition of the Metro East Sanitary District (MESD) wastewater system in Madison, Illinois. The deal includes the Eagle Park and Lansdowne wastewater systems and adds approximately 5,600 customers in the Metro East area near St. Louis, following approval by the Illinois Commerce Commission on November 7, 2024.

New Jersey American Water, a subsidiary of American Water, completed the acquisition of the Borough of Manville, New Jersey’s municipally owned wastewater collection system for $6.5 million. The system serves approximately 4,300 wastewater customers, and New Jersey American Water committed to invest at least $10 million in system improvements over the next ten years following regulatory approval by the New Jersey Board of Public Utilities.

Pennsylvania American Water, a subsidiary of American Water, completed the acquisition of the Butler Area Sewer Authority (BASA) wastewater system for $230 million. The acquired system serves more than 15,000 customer connections in Butler County, Pennsylvania, and Pennsylvania American Water plans to invest more than $75 million over the next five years to upgrade treatment and collection infrastructure.

Catalyst Power Holdings LLC acquired Robison Energy, LLC, a New York-based energy services company (ESCO) focused in the Con Edison (ConEd) footprint. The deal expands Catalyst Power’s commercial and industrial customer base in Putnam and Westchester Counties and supports cross-selling of Catalyst’s cleaner energy solutions (e.g., storage, solar, demand response, EV charging). Catalyst Power is a portfolio company of BP Energy Partners, LLC.

Enbridge Inc. announced the closing of its acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy, Inc. PSNC, a regulated natural gas utility in North Carolina serving over 600,000 customers, will operate as Enbridge Gas North Carolina within Enbridge’s Gas Distribution and Storage Business Unit.

Indiana American Water, a subsidiary of American Water, acquired Silver Creek Water Corporation (SCWC) for $45 million following approval from the Indiana Utility Regulatory Commission. The transaction closed on November 6, 2024, bringing approximately 8,000 SCWC customers in Clark and Floyd Counties in southern Indiana onto Indiana American Water’s system, with sale proceeds to be distributed to SCWC’s former members.

Emera Inc. has agreed to sell its wholly owned operating subsidiary, New Mexico Gas Company, Inc. (NMGC), to Bernhard Capital Partners for an aggregate transaction value of $1.252 billion, including the assumption of approximately $500 million of debt. The deal is subject to regulatory approvals (including the New Mexico Public Regulation Commission) and is expected to close in late 2025.

Presque Isle Electric & Gas Co-op (PIE&G) agreed to purchase all outstanding stock of Aurora Gas Co. (AGC). As part of the transaction, AGC natural gas customers will transition onto PIE&G’s system and become PIE&G members, expanding PIE&G’s natural gas services by about 28% (approximately 2,800 accounts). The seller is identified as the John and Helen Tierney family, longtime owners of Aurora Gas Co.

Indiana American Water acquired the Sunset Village water system in southeast Indiana for $150,000, adding approximately 100 water customers (about 270 residents) to its customer base. The transaction was approved by the Indiana Utility Regulatory Commission on August 2, 2023 and closed on October 31, 2023 with seller Tina Beckort, the system’s previous owner.

NW Natural Water Company, LLC, a wholly-owned subsidiary of Northwest Natural Holding Company, has completed the acquisition of Rose Valley Water Company. Rose Valley Water is a water utility serving about 2,400 connections in Peoria, Arizona, expanding NW Natural Water’s presence in the Phoenix metro area.

West Virginia American Water, a subsidiary of American Water, completed the acquisition of Jefferson Utilities for $27 million. The deal includes Jefferson Utilities, Inc. and affiliated water and sewer service assets, adding 3,978 customer connections across Jefferson, Berkeley and Morgan counties in West Virginia.

Pennsylvania American Water, a subsidiary of American Water, agreed to acquire and later completed the acquisition of the Appalachian Utilities, Inc. water system, a private investor-owned utility serving about 1,450 customer connections in Clinton County, Pennsylvania. The transaction was completed for approximately $3.5 million following approval by the Pennsylvania Public Utility Commission, and Pennsylvania American Water plans to invest more than $6.2–$6.5 million in system upgrades over the coming years.

Pennsylvania American Water, a subsidiary of American Water, agreed to acquire and subsequently completed the acquisition of Audubon Water Company, a private investor-owned water system serving about 2,900 customer connections in Lower Providence Township, Montgomery County, Pennsylvania. The transaction, structured as a merger in which Audubon shareholders received American Water (AWK) common stock, valued Audubon at approximately $8 million. Following regulatory approval by the Pennsylvania Public Utility Commission (granted January 23, 2025), Pennsylvania American Water plans to invest roughly $21.5 million over five years to improve and upgrade the Audubon system.

Essential Utilities Inc., through its Aqua Pennsylvania subsidiary, completed the acquisition of the Municipal Authority of the Borough of Shenandoah (MABS) water system for $12 million. The system serves about 3,000 customers in Schuylkill County, Pennsylvania, and Essential plans to invest more than $23 million over the next 10 years to improve infrastructure, reliability, and water quality.

Illinois American Water, a subsidiary of American Water, acquired the Village of Tolono's water and wastewater systems for $9.416 million. The acquisition adds approximately 1,295 water customers and 1,254 wastewater customers in eastern Illinois, and Illinois American Water plans to invest about $17 million over the first five years to upgrade the systems.

Gainline Capital Partners purchased a majority interest in Flagship Power, a fast-growing retail electricity company serving consumers and small businesses in Texas. Utility Rescue Holdings, Inc., which founded Flagship Power in 2022, remains a significant shareholder and Flagship’s management team will stay in place. The partnership will also support the launch of “Flagship PLUS,” a bill negotiation service for Flagship customers.

Indiana American Water acquired the Claypool water system in northern Indiana from the Town of Claypool for $700,000, adding approximately 150 water customers. The transaction was approved by the Indiana Utility Regulatory Commission on February 22, 2023 and closed on March 28, 2023.

Washington Water Service, a subsidiary of California Water Service Group, finalized and closed the acquisition of Bethel Greenacres Water Association's water system assets following approval by the Washington Utilities and Transportation Commission. The acquired system serves about 200 residential connections in Graham, Washington, and will be integrated alongside Washington Water’s nearby East Pierce system with continued investment planned.

Iowa American Water, a subsidiary of American Water, acquired the City of Blue Grass wastewater system for $2 million following approval by the Iowa Utilities Board. The acquisition adds approximately 750 wastewater customers to Iowa American Water’s Iowa Quad Cities service area and represents the company’s first sewer system operation in Iowa.

NW Natural Water Company, LLC, a wholly owned subsidiary of Northwest Natural Holding Company, completed the acquisition of the water and wastewater utilities of Far West Water & Sewer, Inc. The acquired utilities are located in Yuma, Arizona, serve roughly 25,000 connections in the Foothills area, and will operate going forward under the name Foothills Utilities.

California American Water acquired Warring Water Services, Inc., a privately owned water utility in Piru, California, for $4.6 million. The deal, approved by the California Public Utilities Commission, shifts service for approximately 634 homes and businesses to California American Water’s Ventura County District.

Hearthstone Holdings, Inc., a portfolio company of Ullico Infrastructure Fund, has closed its acquisition of 100% of the equity interests in Hope Gas, Inc., a regulated natural gas distribution utility in West Virginia. Hope Gas was acquired from Dominion Energy, Inc. As part of the transaction, Hearthstone will move its headquarters to Morgantown, West Virginia and plans to hire additional employees in the state.

Essential Utilities Inc., through its Pennsylvania wastewater subsidiary Aqua Pennsylvania Wastewater (part of Aqua Pennsylvania), acquired the municipal wastewater assets of East Whiteland Township in Chester County, Pennsylvania for approximately $55 million. The East Whiteland wastewater system serves about 8,200 customer-equivalents and includes 57 miles of collection mains and 12 pump stations.

Missouri American Water, a subsidiary of American Water, completed the acquisition of the City of Eureka’s water and wastewater systems serving about 4,000 water customers and 4,000 wastewater customers in Eureka, Missouri. The transaction was approved by Eureka voters via a ballot measure to sell the systems for $28 million, and Missouri American Water plans to begin construction of a new pipeline connecting Eureka to its St. Louis County system and to invest more than $37 million in improvements over the next ten years.

NW Natural Water Company, LLC, a wholly owned subsidiary of Northwest Natural Holding Company, signed agreements to acquire Northwest Water Services and Aquarius Utilities in Washington. The two utilities collectively serve about 1,400 connections near NW Natural Water’s existing Cascadia Water operations, and the deals are expected to close in 2022 subject to regulatory approval.

D.R. Horton, Inc. completed a cash tender offer, via its directly owned subsidiary, to acquire all outstanding shares of Vidler Water Resources, Inc. for $15.75 per share in cash. After accepting shares tendered by the May 24, 2022 expiration (about 77.8% of shares), D.R. Horton completed the acquisition through a merger in which remaining shares were converted to the right to receive the same cash price. Vidler became a wholly owned subsidiary of D.R. Horton and its shares ceased trading on Nasdaq.

Washington Water Service, a subsidiary of California Water Service Group, entered into an agreement to acquire the water utility assets of Stroh's Water Company. The Stroh's Water system has about 900 customer connections near Gig Harbor, Washington, and the transaction is subject to customary closing conditions and approval by the Washington Utilities and Transportation Commission.

Aquarion Company (parent of Aquarion Water Company) has entered into a definitive agreement to acquire all outstanding shares of The Torrington Water Company (TWC), making TWC a wholly owned subsidiary. The transaction is a stock-for-stock, tax-free reorganization in which TWC shareholders will receive shares of Aquarion’s parent, Eversource Energy, and is subject to shareholder and regulatory approvals with an anticipated closing by the end of 2022.

Essential Utilities Inc., through its Aqua Pennsylvania subsidiary, acquired the wastewater system assets of Lower Makefield Township for $53 million. The system serves approximately 11,000 customer connections across parts of Bucks County, Pennsylvania, and the deal lifts Aqua Pennsylvania’s total customer connections above 500,000.

Dresser Utility Solutions closed its previously announced agreement with Itron, Inc. to acquire Itron’s global gas regulator business and its European commercial & industrial (C&I) mechanical gas metering and gas stations meter/pressure regulation businesses. As part of the transaction, employees supporting these product lines are transitioning from Itron to Dresser Utility Solutions. Itron will continue focusing on communicating electricity, gas, and water devices in Europe and globally.

Macquarie Asset Management, through the Macquarie Global Infrastructure Fund, and Ontario Teachers' Pension Plan Board closed an agreement to jointly acquire a 31.6% stake in Puget Holdings from Canada Pension Plan Investment Board. The transaction received required regulatory approvals, including from the Washington State Utilities and Transportation Commission and the Federal Energy Regulatory Commission.

Missouri American Water has completed the acquisition of the water and wastewater systems serving Orrick, Missouri. The transaction adds approximately 340 water and 340 wastewater customers in Ray County (northeast of Kansas City) following approval by the Missouri Public Service Commission. Missouri American Water plans to invest about $1.3 million over the next five years to improve the systems and maintain regulatory compliance.

SJW Group’s Texas subsidiary, SJWTX Inc. (doing business as Canyon Lake Water Service Company), closed the acquisition of Texas Country Water in Comal County, Texas. Texas Country Water serves more than 100 water customers and borders SJWTX’s existing operations; the transaction is part of SJWTX’s ongoing expansion in the Austin–San Antonio growth corridor.

Global Water Resources, Inc. completed the acquisition of two small Arizona water utility companies: Twin Hawks Utility, Inc. and Rincon Water Company. The tuck-in deals add approximately 93 water connections and expand Global Water’s regulated utility footprint in Pinal and Pima counties, supporting its utility consolidation strategy.

SJW Group’s Texas subsidiary, SJWTX Inc. (dba Canyon Lake Water Service Company), closed the acquisition of the Kendall West and Bandera East water/wastewater utilities following approval from the Public Utilities Commission of Texas. The two utilities, which were under common ownership, include more than 1,600 water and wastewater service connections serving roughly 4,000 people across Kendall, Bandera, and Medina counties in Texas.

EVgo Services, LLC completed its previously announced business combination with Climate Change Crisis Real Impact I Acquisition Corporation (CLII), resulting in the public listing of the combined company. Upon closing, CLII changed its name to EVgo Inc. and its shares and warrants began trading on Nasdaq under the symbols EVGO and EVGOW.

Superior Plus Corp., through a wholly owned subsidiary, entered into an agreement to acquire the assets of Freeman Gas and Electric Co., Inc., a retail propane distribution business based in South Carolina, for approximately US$170 million (before working capital adjustments). The deal expands Superior’s U.S. propane distribution footprint in the Southeast and is expected to close by June 30, 2021, subject to customary conditions.

NW Natural Water Company, LLC, a subsidiary of Northwest Natural Holding Company, completed acquisitions of Morning View Water Company (Idaho Falls area) and Del Bay Association (Freeland, Washington). The company also signed agreements to acquire Troy Hoffman Water Corporation (northern Idaho), Belle Oaks Water & Sewer Co. (southeast Texas), and Pelican Point Water Co. (Washington) to expand its water and wastewater utility footprint.

SUEZ completed the acquisition of Heritage Hills Water Works Corporation and Heritage Hills Sewage Works Corporation in Somers, New York for approximately €7.3 million. The deal adds roughly 2,700 water customers and 2,900 sewer customers and expands SUEZ’s owned and operated water systems serving more than 500,000 people across five New York counties. SUEZ also plans to invest nearly €1.2 million in infrastructure while keeping customer rates unchanged for three years.

Hawaii American Water acquired the assets and operations of Waimea Wastewater Company, Inc., becoming the new regulated wastewater service provider for its customers on the Big Island of Hawaii. Waimea Wastewater Company is a wholly owned subsidiary of Parker Ranch and serves approximately 217 residential and commercial connections.

Illinois American Water acquired the Village of Shiloh wastewater system for $3.6 million following approval by the Illinois Commerce Commission. The deal adds approximately 1,515 wastewater customers to Illinois American Water’s southern Illinois service area, and the company plans to invest in system improvements including upgrades to lift stations.

A group of investors led by Bernhard Capital Partners Management, LP acquired Ascension Wastewater Treatment (AWT), the largest private sewer utility operator in Louisiana. Following the acquisition, Bernhard Capital announced customer rebates and community support initiatives, and plans to invest in improved sewer infrastructure and resiliency while pursuing expansion opportunities.

Koch Engineered Solutions (KES), a unit of Koch Industries, acquired Sentient Energy. The deal is intended to serve as the first step in building an intelligent electric grid platform within KES, leveraging Sentient Energy’s line sensors and grid analytics software for utility distribution networks.

Hunt Companies, Inc. and its majority-owned affiliate Amber Infrastructure acquired a majority interest in City Light & Power (CLP). CLP owns and operates electric utility distribution systems and provides services primarily to U.S. military bases under utility privatization contracts. The stake was purchased from existing shareholders and CLP’s management team, who will retain a minority interest.

Ridgewood Infrastructure LLC acquired SiEnergy, LP and its affiliated entities. SiEnergy is a regulated natural gas local distribution utility in Texas, serving approximately 25,000 customers across the Houston, Dallas–Fort Worth, and Austin metropolitan areas.

NextEra Energy Transmission, LLC, a subsidiary of NextEra Energy, Inc., completed its acquisition of Trans Bay Cable, LLC from affiliates of Steelriver Infrastructure Fund North America. Trans Bay Cable owns and operates a 53-mile high-voltage direct current underwater transmission cable system connecting Pittsburg, California to San Francisco, California. Financial terms were not disclosed.