Adds details on transaction, CEO comment in paragraphs 3,5 and 6
Jan 27 (Reuters) - Eversource Energy ES.N said on Monday it has agreed to sell its public water supply unit in a deal valued at $2.4 billion, as the utility firm aims to pare debt and focus on the core electric and natural gas businesses.
The company had purchased Connecticut-based Aquarion Water in 2017 for about $1.7 billion to diversify into the water supply business.
The deal will allow "us to optimize our portfolio and strengthen our balance sheet while reinvesting capital to benefit our customers," Eversource CEO Joe Nolan said in a statement.
The water utility serves nearly 250,000 water and wastewater customers in 72 cities and towns across Connecticut, Massachusetts and New Hampshire.
Eversource expects to record a loss on the planned sale of Aquarion of about $300 million in its fourth-quarter results.
The transaction is expected to close in late 2025.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Shilpi Majumdar)
((mrinalika.roy@thomsonreuters.com;))
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