S&C Guides Connecticut Water Service in Major AcquisitionOctober 30, 2019
S&C client Connecticut Water Service merged with SJW Group in an all-cash transaction valued at approximately $1.1 billion, following months of complex negotiations and regulatory review.
Initially, CTWS and SJW Group proposed an all-stock merger of equals, but the companies changed the transaction structure in response to interlopers who moved to derail the deal through unsolicited proposals and proxy campaigns. The revised, all-cash acquisition was approved by both CTWS shareholders and utility regulators in Connecticut and Maine. The combined company serves nearly 1.5 million people across California, Connecticut, Maine and Texas.
The S&C team that advised CTWS included partners Joe Frumkin and Audra Cohen, special counsel Tia Barancik and associate Lauren Boehmke.