News Release
Connecticut Water Service, Inc. Completes Acquisition of Aqua Maine, Inc. Clinton, Connecticut, January 3, 2012 - Connecticut Water Service, Inc. (NASDAQ: CTWS) (the "Company" or "Connecticut Water") announced today that it has completed the acquisition of Aqua Maine, Inc., a subsidiary of Aqua America, Inc. (NYSE:WTR). Aqua Maine, which will be renamed The Maine Water Company, serves over 16,000 customers, or a population of
48,000 people in 20 communities in the state of Maine.
"This is an important milestone for Connecticut Water and
Maine Water," stated Eric W. Thornburg, Connecticut Water's
Chairman, President and Chief Executive Officer. He
explained, "Connecticut Water has increased its customer base
by 18% with this acquisition and will benefit from weather
and regulatory diversity. Maine customers now represent a
significant part of Connecticut Water, a New England water
utility company with a proven track record of serving
customers and communities."
Judy E. Wallingford, president of Maine Water, who had also
served as president of Aqua
Maine, stated, " Since all Maine employees are being
retained, our customers will continue to be served by the
same employees and will continue to call our customer service
folks in Maine. With the details of the transaction now
concluded, we are looking forward to aligning with
Connecticut Water and working with our similar New England
cultures to offer the best service possible."
Ms. Wallingford notes that, as part of the regulatory
approval issued by the Maine Public Utilities Commission
(MPUC), Maine Water will not seek a rate increase for any of
its divisions in 2012, and there will be no short- or
long-term rate or service impacts as a result of the
acquisition. She added, "Great care has been taken to work
through the transition to Maine Water and we are confident
that it will be seamless for our customers."
According to Mr. Thornburg, "The Company now has a platform
to grow in New England and along the east coast." He stated,
"Connecticut Water and Maine Water share a common culture
that is based on serving customers, communities and employees
while honoring commitments to shareholders." Connecticut
Water now serves 106,000 customers, or a population of
350,000, through its regulated water utility subsidiaries:
The Connecticut Water Company in Connecticut and The Maine
Water Company in Maine.
Mr. Thornburg thanked Nicholas DeBenedictis, Chairman,
President and CEO of Aqua America and his team who worked
closely with Connecticut Water to complete the transaction a
little more than five months after it was announced.
Connecticut Water and Aqua America had announced on July 27,
2011, that the companies had reached an agreement for
Connecticut
Water to purchase Aqua Maine from Aqua America. The MPUC had
approved the acquisition by
Connecticut Water on November 22, 2011, and the closing was
completed on January 1, 2012.
As called for under the previously announced agreement, at
the closing Connecticut Water purchased all of the capital
stock of Aqua Maine, Inc. for an aggregate cash purchase
price of approximately $35.8 million, subject to certain
closing adjustments, plus assumption of
approximately $17.7 million of long-term debt as of December
31, 2010.
Judy E. Wallingford, President
Maine Water
P.O. Box 310
West Rockport, ME 04865 (207) 236-8428
Daniel J. Meaney, APR
Director of Corporate Communications
Connecticut Water Service, Inc.
93 West Main Street, Clinton, CT 06413-1600 (860) 664
-6016
This news release may contain certain forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995 regarding the Company's results
of operations, financial position and long-term strategy.
These forward-looking statements speak only as of the date of
this release and are based on current information and
expectations. These forward
looking statements are also subject to risks and
uncertainties, including our ability to successfully
integrate Maine Water's operations, customers and employees
and the other risks and uncertainties discussed in our
filings with the Securities and Exchange Commission, which
could cause the Company's actual results to differ materially
from expected results. We undertake no obligation to update
or revise forward-looking statements, whether as a result of
new
information, future events, or otherwise.
distribué par | Ce noodl a été diffusé par Connecticut Water Service Inc. et initialement mise en ligne sur le site http://www.ctwater.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-03 21:31:13 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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Connecticut Water Service, Inc. Completes Acquisition of Aqua Maine, Inc. |