Add East Norriton Township to the roster for Aqua America.
Fresh off announcing plans to acquire a major group of gas companies in Pittsburgh, Aqua America said its Pennsylvania subsidiary has signed an agreement with East Norriton Township, Montgomery County, to acquire its wastewater assets for $21 million.
The agreement, which includes serving roughly 4,950 wastewater connections, falls under Pennsylvania’s Act 12 fair market value legislation that encourages consolidation in a fragmented water and wastewater industry, allowing resources to be shared among a larger service area, Aqua America Chairman and CEO Christopher Franklin said, writes Jeff Blumenthal in the Philadelphia Business Journal.
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Aqua Pennsylvania has another Montgomery County fair market value asset purchase agreement in the works with Cheltenham Township.
Aqua Pennsylvania completed the acquisition of the Limerick Township, Montgomery County, wastewater system in July using Act 12 fair market value legislation, adding 5,400 customer connections.
On a larger scale, Bryn Mawr-based Aqua (NYSE:WTR) agreed on Oct. 23 to acquire Pittsburgh-based Peoples, which is made up of Peoples Natural Gas Co., Peoples Gas Co. and Delta Natural Gas Co. in a deal valued at $4.275 billion including absorbing about $1.3 billion of debt.
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