Canadian Utilities Firm Algonquin Acquires New York American Water Company For US$608 Million
Algonquin Power & Utilities Corp. (TSX: AQN) announced on Monday the closing of the previously-announced acquisition of New York American Water Company, Inc. The transaction has a price tag of US$608 million.
“We are pleased to complete this important water utility acquisition, and to bring New York American Water’s employees and customers into the Liberty family,” said Algonquin CEO Arun Banskota.
The acquisition was made through Algonquin’s wholly-owned subsidiary Liberty Utilities, which operates water utilities in a number of US states like California, Arizona, Texas, and New Hampshire.
The Merrick, New York-based water utility company serves over 125,000 customer connections across seven counties in southeastern New York, with 98% of its customer residing in Nassau County on Long Island.
Algonquin Power & Utilities last traded at $18.27 on the TSX.
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