Aqua America, Inc. (WTR) announced that it has completed the sale of its Maine operations to Connecticut Water Service Inc. (CTWS) effective January 1, 2012, which includes 11 water systems serving 16,000 customers in 17 communities throughout Maine.
Connecticut Water purchased all of the capital stock of Aqua Maine, Inc. for an aggregate cash purchase price of approximately $35.8 million, plus the assumption of long-term debt that, as of December 31, 2010, was approximately $17.7 million, subject to certain closing adjustments.
Aqua America expects to book a gain on the transaction in the first quarter of 2012.
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