BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America announced today its Pennsylvania subsidiary has reached a joint settlement agreement, allowing Aqua to move toward closing its purchase of Limerick Township’s wastewater assets. The Pennsylvania Public Utility Commission must approve the settlement prior to closing. The system serves approximately 5,400 wastewater connections in Montgomery County.
The transaction will be the second application Aqua Pennsylvania will ask the PUC to consider since the commonwealth enacted Act 12, fair market valuation legislation.
The new law encourages consolidation in a fragmented industry that benefits customers, the environment, and local governments. The legislation allows Aqua and other regulated utilities to pay a fair market value that will benefit customers by leveraging compliance expertise, purchasing power gained through economies of scale and operational efficiencies to benefit local systems’ infrastructure and service.
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, among others: the company’s ability to grow its customer base and to acquire additional water and wastewater systems. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, the successful integration of the customers and the facilities, the success of the company’s growth efforts including its ability to utilize Act 12, and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more 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.