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Aqua America To Acquire Peoples - Quick Facts

Aqua America Inc., (WTR) announced it will acquire Peoples from infrastructure funds managed by Sausalito, California-based SteelRiver Infrastructure Partners, in an all-cash transaction that reflects an enterprise value of $4.275 billion, which includes the assumption of approximately $1.3 billion of debt. Aqua America expects the transaction to be immediately accretive to earnings the first full year after close and over the long term. Management anticipates enhanced future earnings growth and continued long-term dividend growth.

Peoples consists of Peoples Natural Gas Company LLC, Peoples Gas Company LLC and Delta Natural Gas Company Inc. In 2019, the new company will have approximately $10.8 billion in assets and a projected U.S. regulated rate base of over $7.2 billion.

Aqua reaffirmed the prior guidance and qualifies its earnings per diluted common share range to be exclusive of transaction expenses associated with the Peoples transaction. For 2018, the company expects: earnings per diluted common share of $1.37 to $1.42, excluding transaction expenses; and total customer growth of between 2 and 3 percent for 2018.

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