Aqua America Buys Assets in Virginia and Pennsylvania

Water utility adds 6,150 customers to its rolls.

Rich Smith
Rich Smith
Mar 3, 2013 at 7:23AM
Industrials

On Friday, water utility Aqua America (NYSE:WTR) announced that its Pennsylvania and Virginia subsidiaries, respectively, have acquired water and wastewater assets in two unrelated transactions.

In the first transaction, Aqua's Virginian subsidiary bought the British Woods Water Company in Botetourt County, Va., for an undisclosed sum. (In a press release, Aqua unfortunately misspelled the county as "Botetcourt.")

In the second transaction, Aqua Pennsylvania bought the assets of Total Environmental Solutions, serving the Treasure Lake community of Sandy Township in Clearfield County, for $11.8 million. Aqua Pennsylvania now services 31 of Pennsylvania's 67 counties as a result of this acquisition.

The company did not disclose the amount of revenues it expects to generate from the purchases but did note that together, these acquisitions add about 6,150 people to Aqua America's customer list.

Shares of the utility company declined 0.2% in Friday trading, closing at $29.08.