H2O America completed an underwritten $700 million common stock offering, including the underwriters’ exercise in full of their option to purchase additional shares.
The company expects to use the proceeds to finance its acquisition of assets of Quadvest and Quadvest Wholesale and to pay related fees and expenses and for general corporate purposes.
H2O America is among the largest investor-owned pure-play water and wastewater utilities in the United States, providing water service to over 1.6 million people in California, Connecticut, Maine and Texas.
The S&C team included Bob Downes, John Savva, Danny Fradin, Anshul Palavajjhala and John Day. Eric Wang, Saul Brander and Jeremy Zeitschel advised on tax matters.