US-based Aqua America Inc acquires six additional water systems
Aqua America Inc said it has bought six more water and wastewater systems in Illinois and Virginia. The purchase brings total to 15 water and wastewater systems acquired by the second largest US water utility in terms of market value this year. Three water systems and two wastewater systems were bought by the Illinois subsidiary of Aqua America Inc. Meanwhile, the company's subsidiary in Virginia purchased one water system.
Last month, Aqua Illinois bought Village of Sun River Terrace wastewater system for a price tag of USD 300,000. Aqua is already the owner and operator of the water system located in Kankakee County that serves 500 customers. It also bought the water and wastewater systems of Woodlawn Utilities serving 240 customers in Ogle County in a deal worth USD 204,000. The Nordic Woods water system which caters to 500 customers also in Ogle County was also acquired by the subsidiary for USD 55,000. The Sheridan Grove water system serving 110 people in Winnebago County was also bought by Aqua Illinois for USD 1,000.
This month, Aqua Virginia bought St. Tammany Landing Property Owners Association Inc's water system assets for a price tag of USD 28,000. It serves the needs of 40 homes. It has 57 more lots for future growth.
Aqua America Chairman and Chief Executive Officer Nicholas DeBenedictis said in a statement, "Aqua's commitment to our growth-through-acquisition strategy results in a stronger utility that can better serve our customers. Aqua has the necessary technical expertise to operate water and wastewater systems effectively and efficiently. We also have the access to capital funds that can help us fix small-system problems and build a stronger infrastructure for communities throughout the states we serve."
Aqua America is listed in the New York Stock Exchange under the ticker WTR. It caters to the needs of nearly 3 million residents in the states of Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia.