Sarasota County Agrees to Move Forward With Intent to Purchase Aqua America's Remaining Florida Oper
Sarasota County Agrees to Move Forward With Intent to Purchase Aqua America's Remaining Florida Operations
BRYN MAWR, Pa.--(BUSINESS WIRE)-- Aqua America, Inc. (NYS: WTR) announced today that county commissioners in Sarasota County, Florida, voted yesterday to move forward with the purchase of the company's water and wastewater operations in Sarasota. The price of the systems, which serve about 12,000 customers, is $36.8 million. The transaction is expected to close at the end of 2013 or early in the first quarter of 2014.
This transaction would represent the final of five separate transactions to profitably sell all of Aqua America's operations in Florida. The sales of Aqua's other Florida operations closed earlier this year. When this final Florida sale is closed, Aqua America will have concentrated its regulated operations in eight states (Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia) where it has economies of scale and is poised for growth by executing its portfolio rationalization strategy.
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 post closing adjustments 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 potential post-closing adjustments 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.
KEYWORDS: United States North America Florida Pennsylvania
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