Algonquin Power Utilities Corp. announced a deal on Friday to acquire Park Water from Carlyle Infrastructure for $327 million in a competitive auction, with both infrastructure funds and strategic players taking part in the process. The deal includes the assumption of approximately $77 million of existing long-term utility debt. The acquisition is expected to have $259 million in net property, plant and equipment, and other assets for rate-making purposes when it closes. The acquisition is part of Algonquin's strategy to acquire regulated utilities in the United States. This is Park Water's eighth deal since 2010.