Monday
February 12, 2007
Aqua America to Acquire Aquarion Water Company of Sea Cliff
Source: Business Wire
Sea Cliff provides drinking water to approximately 13,000 residents in the villages of Sea Cliff, Glenwood Landing and Glen Head in Nassau County, New York just north of its New York Water operation.
"Aquarion is a well-run company and we are excited about the opportunity to own this part of their operation," said Aqua America Chairman and CEO Nicholas DeBenedictis. "Sea Cliff provides Aqua New York with a 'tuck-in' acquisition that we expect to be immediately-accretive as we continue to implement Aqua America's growth strategy."
Aquarion Water Company President and Chief Executive Officer Charles V. Firlotte said, "We are pleased with this development, because Aqua America is a quality company and a well-established and well-respected leader in the drinking water industry. We are very confident that Aqua America's personnel will provide water and service of the highest quality. In the meantime, we are looking forward to working closely with them to ensure a smooth transition. "
The agreement is subject to approval by the New York Public Service Commission. DeBenedictis said the company plans to close the transaction this year.
In January, a division of Aqua Virginia, Inc. purchased the water and wastewater assets at the Lake Holiday residential community in Frederick County near Winchester, which provide water and wastewater services to approximately 2,000 residents of the private, gated community located around a 240-acre lake, which includes more than 1,000 unoccupied and build-able lots.
Aqua America, Inc. is a publicly-traded water utility holding company, with operating subsidiaries serving approximately 2.8 million residents in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina. Aqua America is listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol WTR.
Contact:
Aqua America, Inc.
Donna Alston, 610-645-1095
dpalston@aquaamerica.com
or
Christopher Purtill, 610-645-1084
cjpurtill@aquaamerica.com
