The transaction was completed through a stock-for-stock exchange where AWC shareholders received CTWS common stock valued at approximately $27.9 million, in a tax-free exchange, and a cash payment of $6.1 million for a total payment to shareholders of $34.0 million. The transaction reflects a total enterprise value of approximately $40.1 million, with the $34.0 million paid to shareholders and the assumption by CTWS of approximately $6.1 million of debt of AWC.Since January 2012, CTWS has grown its customer base by more than 45%, or more than 44,000 customers, primarily through large acquisitions in Maine in 2012 and Heritage Village Water and Avon Water in Connecticut in 2017. CTWS is one of the ten largest U.S.-based publicly-traded water utilities, and is listed on the NASDAQ Global Select Market under the ticker symbol CTWS. Including the AWC acquisition, CTWS, through its regulated utility subsidiaries in Connecticut and Maine, serves more than 134,000 water customers, or more than 425,000 people in 80 communities across Connecticut and Maine, and more than 3,000 wastewater customers in Southbury, Connecticut.
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