Issue link: https://nebusinessmedia.uberflip.com/i/1532177
HARTFORDBUSINESS.COM | FEBRUARY 10, 2025 3 BIZ BRIE FS Local Knowledge, Global Resources • Audit & assurance • Backoffice transformation • Business valuation • Consulting • Cybersecurity • Estate planning • Mergers & acquisitions • Tax planning Farmington (860) 935-6132 uhy-us.com Eversource to sell water business in $2.4B deal Eversource Energy is getting out of the water business. The Hartford- and Boston-based utility company said it has reached an agreement to sell its Aquarion Water Co. subsidiary to the New Haven- based South Central Connecticut Regional Water Authority in a $2.4 billion deal. The sales price includes approxi- mately $1.6 billion in cash and $800 million of net debt that will be extin- guished at closing, the companies said. Eversource said proceeds from the sale will allow it to pay down debt, "while efficiently reinvesting capital into its core electric and natural gas businesses, enabling additional investments in reliability for customers and strengthening Eversource's financial position." Eversource also said it expects to record a loss on the sale of approx- imately $300 million in the fourth quarter of 2024. Eversource acquired Aquarion in 2017 in a $1.675 billion deal. The company announced a year ago it may sell its water distribution busi- ness to "reduce equity needs and improve regulatory diversity." The sale comes as Eversource remains at odds with the Public Utilities Regulatory Authority over the agency's ratemaking decisions. HBJ FILE PHOTO Eversource CEO Joe Nolan in his downtown Hartford office. Pfizer to pay nearly $60M over kickbacks for migraine drug developed by New Haven-based Biohaven Pfizer has agreed to pay $59.75 million to settle claims that Biohaven Pharmaceutical Holding Co., which it acquired in 2022, defrauded Medicare and other healthcare programs by paying kickbacks to doctors. The kickbacks were meant to encourage doctors to prescribe the migraine drug Nurtec ODT, which is a violation of the False Claims Act, the U.S. Department of Justice said. In October 2022, Pfizer completed the acquisition of Biohaven Pharmaceutical Holding Co., the maker of Nurtec ODT, from Biohaven Pharmaceuticals Inc. for about $11.6 billion. After the sale, Biohaven's New Haven-based leadership team spun off a new company and started developing new biopharmaceutical products. According to authorities, Biohaven knowingly caused false claims to be submitted to Medicare through the kickback scheme, which occurred from 2020 to 2022, before it was owned by Pfizer. The scheme was a violation of the anti-kickback statute, which prohibits companies from offering or paying anything of value to health- care professionals "to induce the referral of items or services covered by Medicare, Medicaid, TRICARE and other federal health care programs," authorities said. Historic CT manufacturer officially goes private following $3.6B deal It's official, one of the most recogniz- able names in Connecticut manufac- turing, Barnes Group, has been acquired by private equity firm Apollo Global Management in a $3.6 billion deal. The deal was first announced in October and received shareholder approval in January. Under the terms of the agreement, Barnes shareholders will receive $47.50 per share in cash. Barnes' common stock has also ceased trading on the New York Stock Exchange. There was no clarity provided on how the sale will affect Barnes' head- quarters in Bristol, leadership structure or workforce. Barnes Group's history stretches back to 1857 in Bristol. Its predecessor company, Associated Spring, was taken public in 1946. The company makes precision components for aerospace and a range of other industries.