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Stock Market & Financial Investment News

News Breaks
May 16, 2014
08:33 EDTWTRFort Wayne approves purchase of Aqua America unit's water operations
Aqua America announced that the Fort Wayne City Council has unanimously voted to approve the purchase of Aqua Indiana’s drinking water system assets in southwest Allen County, Indiana, for $67M, which comprises $50.1M in addition to $16.9M the city already paid Aqua for its water and wastewater system assets in the northern part of Fort Wayne in a contested decision in 2008. The agreement requires approval by the Indiana Utility Regulatory Commission, and the transaction is expected to close in 4Q14. The company said, "This sale will provide Aqua with more than $50M in cash that we can reinvest in water and wastewater infrastructure. We are optimistic that the sale can close in Q4 and would add 6c-7c to EPS in FY14.”
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September 8, 2014
17:39 EDTWTRAqua America unit acquires assets of Caroline Water Company
Aqua America announced that its Virginia subsidiary has purchased the water system assets of the Caroline Water Company in Caroline County. The system serves about 3,000 people in the Lake Caroline community in Ruther Glen, Virginia. The Caroline Water Company is Aqua’s ninth regulated utility acquisition so far this year. Aqua paid $1.1M for the water system and plans to spend approximately $1.9M over the next 5 years for capital improvements to the system including major investments in the water treatment plant. Lake Caroline is Aqua’s second surface water plant in Virginia. The plant has been offline since April 2009, and Aqua will install a new water treatment plant and a bulk water storage tank to bring the system into compliance. Currently, water is purchased through an interconnection with the county water system. Lake Caroline is about one mile south of Aqua’s Lake Land’Or water and wastewater systems and provides a cost-effective tuck-in opportunity.

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