BRYN MAWR, Pa.--(BUSINESS WIRE)--
Aqua America, Inc. (NYSE:WTR) has offered to sell all of its Florida
operations to the Florida Governmental Utility Authority (FGUA) for $95
million. The sale of its Florida water and wastewater systems would
conclude Aqua America's operations in Florida. The FGUA has until
November 30 to accept or decline the offer, and FGUA does not have an
exclusivity agreement with Aqua to purchase the systems.
Aqua America's Florida subsidiary, Aqua Utilities Florida, Inc. (Aqua)
owns 82 water and wastewater systems in Florida.
Aqua America decided to offer its Florida water and wastewater systems
first to the FGUA for several reasons. The FGUA has a considerable
history in Florida of acquiring small water and wastewater systems.
Several systems acquired by the FGUA had previously been owned by
Florida Water and Aqua Source, the companies from which Aqua America
acquired many of its systems in 2003 and 2004, and the FGUA provided
continued employment to personnel of the acquired systems. Aqua
America's proposal requires the FGUA to offer full employment to all
non-executive Florida personnel as a condition of sale. The FGUA's
unique regulatory structure should also allow it to close a transaction
quickly and result in the least disruption to customers and employees.
An expedient transaction would also enable Aqua America to focus energy
and investment in other states where it serves customers.
If a sale is consummated, Aqua America will have concentrated its
regulated operations in eight states (Pennsylvania, Ohio, North
Carolina, Illinois, Texas, New Jersey, Indiana and Virginia).
Aqua America is one of the largest U.S.-based, publicly-traded water
utilities and serves almost 3 million residents. Aqua America is listed
on the New York Stock Exchange under the ticker symbol WTR.
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, its
ability to reach an agreement of sale with FGUA and whether the sale
occurs. There are important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, including Aqua Utilities Florida's and/or
FGUA's inability to obtain regulatory approval, if needed, of the
transaction, opposition to the transaction by local agencies and
municipalities, 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, 2011, 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.
WTRF
Aqua America
Gretchen Toner
Manager, Strategic Communications
610-645-1175
gmtoner@aquaamerica.com
or
Brian
Dingerdissen
Director, Investor Relations
610-645-1191
bjdingerdissen@aquaamerica.com
Source: Aqua America, Inc.
News Provided by Acquire Media
