Bryn Mawr-Based Aqua America to buy DELCORA for $267.5M
Bryn Mawr-based Aqua America will acquire the Delaware County Regional Water Authority for $276.5 million, despite last-minute interest by American Water, writes Michelle Caffrey for the Philadelphia Business Journal.
As part of the deal, all 136 DELCORA employees will transition to Aqua, which has already agreed to honor all union contracts.
The acquisition is Aqua’s largest ever municipal transaction as well as the biggest water utility sale in Pennsylvania.
“Our long track record of delivering reliable water and wastewater services, and investing in infrastructure across the United States, has positioned Aqua well for this opportunity,” said Aqua CEO Chris Franklin.
Aqua began an exclusive negotiation period with DELCORA in July and the two companies started holding public hearings about the deal.
Then New Jersey-based American Water unexpectedly entered the scene last month with a rare public proposition to DELCORA. However, the wastewater utility decided to stay the course with Aqua in part due to their customers’ familiarity with it.
“What really made sense was to work with somebody who’s here, they have a lot of the same customers and they’re a great neighbor and great utility,” said DELCORA Executive Director Robert Willert.
Read more about the acquisition at the Philadelphia Business Journal by clicking here.
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