Aqua America Inc., a water utility that operates in 10 U.S. states, acquired the wastewater system assets of Kidder Township though its Pennysylvania subsidiary for $11.3 million.
The Bryn Mawr, Pennsylvania-based company said the deal, part of a “growth-through-acquisition strategy,” demonstrates that “with 80 percent of the water and wastewater systems still in government control, the purchase of municipally owned systems such as Kidder Township is an area of great growth potential.”
Aqua America serves almost 3 million customers from Texas to New Yersey. The utility in July reported record earnings for the second quarter on an 11 percent rise in revenue. The shares have advanced 11 percent this year compared with a 14 percent gain in the 18-member Bloomberg World Water Index.