BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America, Inc. (Aqua) (NYSE: WTR) announced today that the company has completed the sale of its remaining Florida water and wastewater systems to Sarasota County, Florida. The price of the Sarasota systems, which serve about 12,000 customers, is $36.8 million.
This transaction represents the final of five separate transactions completed in 2013 to profitably sell all of Aqua America’s operations in Florida. The sales of the company’s other Florida operations closed earlier this year.
“Aqua continues to concentrate our operations in states that afford opportunities for growth and where we can leverage economies of scale,” said Chairman and CEO Nicholas DeBenedictis. “This sale enables Sarasota County to expand its service area, and the county’s new customers will benefit from the important capital investments made over the past 10 years by Aqua to improve service.”
Aqua America now has 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 America online at 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 representation and indemnity provisions. There are important factors that could cause actual results to differ materially from those expressed by such forward-looking statements, including certain representation and indemnity provisions in the agreements, Aqua’s successful implementation of its growth-through-acquisition strategy, 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.