Aqua Pennsylvania Takes Steps to Close on Limerick's Wastewater System Purchase Following Joint Settlement Agreement
Business Wire 8-Jun-2018 4:15 PM
Aqua America announced today its Pennsylvania subsidiary has reached a
joint settlement agreement, allowing Aqua to move toward closing its
purchase of Limerick Township's wastewater assets. The Pennsylvania
Public Utility Commission must approve the settlement prior to closing.
The system serves approximately 5,400 wastewater connections in
Montgomery County.
The transaction will be the second application Aqua Pennsylvania will
ask the PUC to consider since the commonwealth enacted Act 12, fair
market valuation legislation.
The new law encourages consolidation in a fragmented industry that
benefits customers, the environment, and local governments. The
legislation allows Aqua and other regulated utilities to pay a fair
market value that will benefit customers by leveraging compliance
expertise, purchasing power gained through economies of scale and
operational efficiencies to benefit local systems' infrastructure and
service.
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 grow its customer base and to acquire
additional 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
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