Algonquin Power & Utilities Corp. Announces the Closing of the Acquisition of
the Arkansas Water Distribution Utility Assets
OAKVILLE, ON, Feb. 1, 2013
OAKVILLE, ON, Feb. 1, 2013 /PRNewswire/ - Algonquin Power & Utilities Corp.
("APUC") (TSX: AQN) today announced the closing of the acquisition of the
regulated water distribution utility assets located in Pine Bluff, Arkansas
from United Waterworks Inc. The acquisition by its subsidiary was originally
announced in August 2012 and final regulatory approvals were received in
Consideration for the utility purchase was approximately U.S. $27.6 million
representing a multiple of regulatory assets of approximately 1.16x, plus
working capital and closing adjustments. The regulated water distribution
utility provides water service to over 17,000 customers in the state of
"The acquisition of the Pine Bluff water utility provides the opportunity for
Liberty Utilities to participate in the supportive Arkansas regulatory
environment," commented Chief Executive Officer Ian Robertson. "The continued
expansion of our regulated utility business footprint in the US will deliver
enhanced stability in our earnings and cash flows."
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified $3.0 billion
portfolio of regulated and non-regulated utilities in North America. The
company's regulated utility business provides water, electricity and natural
gas utility services to more than 350,000 customers through its nationwide
portfolio of regulated generation, transmission and distribution utility
systems. The company's non-regulated electric generation subsidiary owns or
has interests in renewable energy and thermal energy facilities representing
more than 1,100 MW of installed capacity. Algonquin delivers continuing growth
through an expanding pipeline of renewable power and clean energy projects,
organic growth within its regulated utilities and the pursuit of accretive
acquisition opportunities. Common shares and preferred shares are traded on
the Toronto Stock Exchange under the symbols AQN and AQN.PR.A respectively.
Visit Algonquin Power and Utilities atwww.AlgonquinPowerandUtilities.comand
follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is
forward-looking within the meaning of certain securities laws, including
information and statements regarding prospective results of operations,
financial position or cash flows. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a forecast or
projection, including assumptions based on historical trends, current
conditions and expected future developments. Since forward-looking statements
relate to future events and conditions, by their very nature they require
making assumptions and involve inherent risks and uncertainties. APUC cautions
that although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the possibility that
actual results may differ materially from the expectations set out in the
forward-looking statements. Material risk factors include those set out in the
management's discussion and analysis section of APUC's most recent annual
report and quarterly report, and APUC's Annual Information Form. Given these
risks, undue reliance should not be placed on these forward-looking
statements, which apply only as of their dates. Other than as specifically
required by law, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp.
Saira Husain, Communications
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