BRYN MAWR, Pa.--(BUSINESS WIRE)--Jul. 25, 2018--
Aqua America Inc. (NYSE: WTR) announced today its Pennsylvania
subsidiary acquired the 5,400-connection wastewater assets of Limerick
Township for $75 million, marking Aqua Pennsylvania’s first acquisition
to close under Act 12, fair market valuation legislation.
Act 12 encourages consolidation in a fragmented water and wastewater
industry, allowing resources to be shared among a larger service area,
ultimately benefitting utility customers, according to Aqua America
Chairman and CEO Christopher Franklin.
“Aqua is thrilled to welcome our new Limerick customers and employees,”
said Franklin. “This purchase was a collaborative effort that will allow
us to bring benefits to the Limerick community by leveraging expertise
in compliance, large-scale purchasing power and efficiencies in a
larger, regional operation.”
Aqua Pennsylvania President Marc Lucca says his team will bring a sharp
environmental focus to the service they provide for Limerick’s residents.
“It’s imperative we return treated wastewater back to our rivers and
streams cleaner than when we first take it out,” Lucca said. “I welcome
our new employees who’ve done a great job ensuring the Limerick system
is compliant and well maintained, and look forward to serving our new
customers.”
Along with Limerick, Aqua has several fair market value asset purchase
agreements in place, including Cheltenham, East Bradford and New
Garden townships in Pennsylvania, and the Village of
Manteno in Illinois, which closed July 5. When it completes these
acquisitions, the company will welcome approximately 23,000 new customer
connections to the Aqua family.
Aqua America is one of the largest U.S.-based, publicly traded water
utilities and serves nearly 3 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua
America is listed on the New York Stock Exchange under the ticker symbol
WTR. Visit AquaAmerica.com
for more information.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 including, among
others: the company’s ability to acquire additional municipally owned
water and wastewater systems. There are important factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements including: general economic
business conditions, the successful integration of the customers and the
facilities, the success of the company’s growth efforts including its
ability to utilize Act 12, and other factors discussed in our Annual
Report on Form 10-K, which is on file with the Securities and Exchange
Commission. For more information regarding risks and uncertainties
associated with Aqua America's business, please refer to Aqua America's
annual, quarterly and other SEC filings. Aqua America is not under any
obligation — and expressly disclaims any such obligation — to update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise.
WTRF
View source version on businesswire.com: https://www.businesswire.com/news/home/20180725005729/en/
Source: Aqua America Inc.
Aqua America Inc.
Brian Dingerdissen
Investor Relations
O:
610-645-1191
BJDingerdissen@AquaAmerica.com
or
Donna
Alston
O: 610-645-1095
M: 484-368-4720
DPAlston@AquaAmerica.com
