Aqua America Sells Majority of Florida Operations in 17 Counties in Three
Negotiations under way to sell remaining Florida assets to governmental bodies
BRYN MAWR, Pa. -- March 28, 2013
Aqua America, Inc. (NYSE: WTR) announced today that it has completed the sale
of 57 water systems and 23 wastewater systems in 12 counties in Florida to the
Florida Governmental Utility Authority (FGUA) for $50.2 million, subject to
certain post-closing adjustments. In separate transactions, Aqua sold nine
water systems and four wastewater systems in five counties to U.S. Water for
$1.6 million, and Aqua sold one water system and one wastewater system that
serve the Arredondo Farms community in Alachua County to YES Communities
Companies, LLC, which owns and manages manufactured home communities, for $1.1
million. Collectively, these sales represent 65 percent of Aqua’s customers in
These transactions represent three out of five separate transactions to sell
all of Aqua America’s operations in Florida. Aqua expects to sell its
remaining Florida operations in Sarasota and DeSoto counties in the second or
third quarter of 2013. When all of its Florida sales are closed, Aqua America
will have concentrated its regulated operations in eight states (Pennsylvania,
Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia).
Aqua America is one of the largest U.S.-based, publicly-traded water utilities
and serves about 3 million people. Visit Aqua online at www.aquaamerica.com.
This release contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. These forward-looking
statements are made based upon Aqua America’s current expectations and
assumptions with respect to, among other things, certain post closing
adjustments and indemnity provisions. There are important factors that could
cause actual results to differ materially from those expressed by such forward
looking statements, including Aqua Utilities Florida and U.S. Water’s ability
to obtain regulatory approval of the transactions, certain potential post
closing adjustments, and other key factors that we have indicated that could
adversely affect our business and financial performance and that are discussed
in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012,
which is on file with the Securities and Exchange Commission. For further
information regarding risks and uncertainties associated with Aqua America’s
business, please refer to Aqua America’s annual, quarterly and other SEC
filings. Aqua America is not under any obligation — and expressly disclaims
any such obligation — to update or alter its forward-looking statements
whether as a result of new information, future events, or otherwise.
Aqua America, Inc.
Brian Dingerdissen, 610-645-1191
Director, Investor Relations
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