Essential Utilities’ Texas Water Utility Files Application With Public Utilities Commission for First Acquisition Under New Texas Fair Market Value Law
The transaction is a milestone for Essential as it will be the first acquisition to use a new
Essential Chairman and CEO
“My team and I are proud to welcome residents of The Commons as our new customers,” said Aqua Texas President
Laughman noted that local municipalities could use the fair market value law to sell their utilities to generate proceeds that could be used to fund growth and other meaningful local initiatives. Municipalities in other states have sold their utility systems to Aqua subsidiaries, which serve about 3 million people in eight states.
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the
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 receive governmental approval of the transition and to successfully close the acquisition. 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 receipt of governmental approvals; the successful closing of the acquisition; the successful integration of the customers and the facility; and other factors discussed in our Annual Report on Form 10-K, which is on file with the
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