BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America Inc. (NYSE: WTR) announced today that Aqua Resources Inc., its unregulated subsidiary, acquired the Valley Creek Trunk Sewer System, serving area municipalities, from the Tredyffrin Township Municipal Authority for $28.3 million.
The Valley Creek Trunk Sewer System receives untreated wastewater from Easttown, East Whiteland, Willistown and Tredyffrin Townships, Malvern Borough and the Valley Forge Sewer Authority. The flow is conveyed to the Valley Forge Treatment Plant, owned by the VFSA. The system consists of 49,000 linear feet of gravity sewers, as well as the Darby Road and Wilson Road pump stations and force mains.
Aqua’s Chairman and CEO Christopher Franklin said it’s exciting to be able to bring the company’s wastewater expertise to the Tredyffrin Township area where Aqua already provides water service. “Our team’s proficiency in the wastewater business will be important to ensuring continued efficient operations of this vital pipeline, which runs through Valley Forge National Historical Park.
“We are grateful that Aqua has been entrusted to help resolve the long-standing challenges this system has faced and appreciate the opportunity to share our expertise in infrastructure and operations to strengthen it well into the future,” Franklin said.
This purchase is in addition to the approximately 33,000 regulated new connections Aqua announced in 2018, which are associated with municipal acquisitions that have recently closed or will close in 2019.
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. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including the factors discussed in our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q, which is filed 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.