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Thornburg, CTWS's chairman, president and chief executive officer, HVWC will operate as a subsidiary of CTWS.
Thornburg thanked Keith Sorensen, the former president of HVWC, for his efforts that contributed to a smooth transition for customers and employees with the completion of this transaction.
HVWC is a sister company to Connecticut Water and Maine Water.
The closing on the transaction is expected in 1Q17 and will require an approval vote by the shareholders of HVWC.
Upon closing, the company will maintain its current name, HVWC, and it will become a sister company to The Connecticut Water company and The Maine Water company.
Upon acquisition of HVWC, CTWS will make available up to 0.5 million gallons of water per day to HVWC's customers through the existing interconnection to meet the long-term water needs of customers of both systems and satisfy system demands in an environmentally sound manner, the company said.
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