Aqua America, Inc. (WTR) said Thursday 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 for $50.2 million, subject to certain post-closing adjustments.
In separate deals, 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, the sales represent 65% of Aqua's customers in Florida.
The deals 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.
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