Business
Liberty Utilities Co. Expands Water Utility Presence with an Agreement to Acquire American Water's Regulated Operations in New York
Liberty Utilities Co. Expands Water Utility Presence with an Agreement to Acquire American...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nLiberty Utilities Co. Expands Water Utility Presence with an Agreement to Acquire American Water's Regulated Operations in New York\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nOAKVILLE, ON, Nov. 20, 2019\n\n\n\nTransaction represents execution on Liberty Utilities' strategy to expand its regulated utility business in high-quality jurisdictions\nThis news release constitutes a \"designated news release\" for the purposes of Algonquin Power & Utilities Corp.'s prospectus supplement dated February 28, 2019 to its short form base shelf prospectus dated September 18, 2018.\nHighlights:\nLiberty Utilities Co., the regulated utility operating subsidiary of Algonquin Power & Utilities Corp., has entered into a stock purchase agreement to acquire American Water's regulated operations in the State of New York (\"New York American Water\"). New York American Water is a regulated water and wastewater utility serving over 125,000 customer connections across seven counties in southeastern New York. New York American Water's customer rates are not expected to be affected by the acquisition. Existing local management and operations teams will be maintained and empowered to continue to deliver the safe and reliable water utility services that customers expect, with a commitment by Liberty Utilities to maintain at least existing employment terms for two years following the closing. Closing of the transaction remains subject to regulatory approval and other typical closing conditions. OAKVILLE, ON, Nov. 20, 2019 /CNW/ - Algonquin Power & Utilities Corp. (TSX/NYSE:AQN) (\"Algonquin\") today announced that Liberty Utilities Co. (\"Liberty Utilities\"), Algonquin's regulated utility operating subsidiary, has entered into a stock purchase agreement with American Water Works Company, Inc. (NYSE: AWK) (\"American Water\"), to purchase American Water's regulated operations in the State of New York (\"New York American Water\") for a purchase price of US$608 million, subject to customary adjustments. \nHeadquartered i...