Aqua America, Inc. (NYSE: WTR) announced today that it has completed the sale of 57 water systems and 23 wastewater systems in 12 counties in Florida to the Florida Governmental Utility Authority (FGUA) for $50.2 million, subject to certain post-closing adjustments. In separate transactions, Aqua sold nine water systems and four wastewater systems in five counties to U.S. Water for $1.6 million, and Aqua sold one water system and one wastewater system that serve the Arredondo Farms community in Alachua County to YES Communities Companies, LLC, which owns and manages manufactured home communities, for $1.1 million. Collectively, these sales represent 65 percent of Aqua’s customers in Florida.
These transactions represent three out of five separate transactions to sell all of Aqua America’s operations in Florida. Aqua expects to sell its remaining Florida operations in Sarasota and DeSoto counties in the second or third quarter of 2013. When all of its Florida sales are closed, Aqua America will have concentrated its regulated operations in eight states (Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia).
Aqua America is one of the largest U.S.-based, publicly-traded water utilities and serves about 3 million people. Visit Aqua online at www.aquaamerica.com.
This release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are made based upon Aqua America’s current expectations and assumptions with respect to, among other things, certain post closing adjustments and indemnity provisions. There are important factors that could cause actual results to differ materially from those expressed by such forward looking statements, including Aqua Utilities Florida and U.S. Water’s ability to obtain regulatory approval of the transactions, certain potential post closing adjustments, and other key factors that we have indicated that could adversely affect our business and financial performance and that are discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012, which is on file with the Securities and Exchange Commission. For further 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts