Eversource Energy (NYSE:ES) made a non-binding proposal to acquire Connecticut Water Service, Inc. (NasdaqGS:CTWS) from BlackRock, Inc. (NYSE:BLK), The Vanguard Group, Inc. and other shareholders for approximately $760 million on April 5, 2018. Under the terms, Eversource Energy proposes to acquire all the outstanding shares of Connecticut Water Service for $63.5 per share in cash and/or in Eversource common shares at the election of Connecticut Water shareholders. Eversource believes its proposal is a superior alternative to the all-stock transaction proposed in SJW Group's (NYSE: SJW) to acquire Connecticut Water on March 15, 2018. As of July 2, 2018, Eversource revised the offer to $64 per share in cash and/or in Eversource common stock at the election of Connecticut Water shareholders. Upon completion of a transaction, Eversource would seek to combine Connecticut Water and Aquarion Water Company (subsidiary of Eversource). There would be no financing contingency and no Eversource shareholder vote required for approval as part of the transaction. On April 19, 2018, deal was rejected by the board of Connecticut Water Service due to multiple reasons. Eversource urges Connecticut Water shareholders to vote against the merger with SJW Group. As of July 7, 2018, Board of Directors of Connecticut Water Service unanimously rejected the revised offer as inadequate, and not in the best interests of Connecticut Water shareholders. However, Board reiterates willingness to consider any proposal that delivers shareholder value which is superior to that provided in SJW Group merger of equals. As of July 12, 2018, California Public Utilities Commission issued an Order Instituting Investigation (OII) of SJW Group's merger with Connecticut Water, under which OII will determine whether the transaction is subject to CPUC review and, if so, whether it is in the public interest. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor and Ropes & Gray LLP acted as legal advisor to Eversource Energy. Edward McCarthy and Michael Madalon of D.F. King & Co., Inc. acted as information agents to Eversource. D.F. King may receive a fee of up to $0.2 million for services provided to Eversource in connection with the deal. Lauren S. Boehmke of Sullivan & Cromwell LLP acted as legal advisor and Wells Fargo Securities, LLC acted as financial advisor to Connecticut Water.

Eversource Energy (NYSE:ES) cancelled the acquisition of Connecticut Water Service, Inc. (NasdaqGS:CTWS) from BlackRock, Inc. (NYSE:BLK), The Vanguard Group, Inc. and other shareholders on October 9, 2019. The transaction was terminated in the light of completion of acquisition of Connecticut Water Service by SJW Group.