Oakville, Ontario-based Algonquin Power & Utilities Corp. announced on September 19 that its regulated utility business, Liberty Utilities, has reached an agreement to acquire the Park Water Company, a regulated water distribution utility which owns and operates three water utilities in Southern California and Western Montana. The three utilities serve approximately 74,000 customers through more than 1,000 miles of distribution mains. The agreement is worth around US $327-million.
“The acquisition of Park Water strategically expands our utility presence in California and marks our entry into the state of Montana,” said Ian Robertson, Chief Executive Officer of APUC. “The acquisition builds on our strong water utility expertise, provides continuing opportunity for organic growth, and increases the proportion of our earnings from long-term, stable utility assets. We look forward to bringing our caring, local and responsive business approach to the communities served by Park Water.”
The acquisition is expected to close in the second half of 2015, once state and federal approvals have been passed.