Aqua Pennsylvania Reaches Asset Purchase Agreement with East Norriton Township to Acquire Wastewater System
Dec 05, 2018
Aqua America Inc. announced its Pennsylvania subsidiary has signed an agreement with East Norriton Township, Montgomery County to acquire its wastewater assets, serving roughly 4,950 wastewater connections, for $21 million. The agreement falls under Pennsylvania’s Act 12 fair market value legislation.
Act 12 encourages consolidation in a fragmented water and wastewater industry, allowing resources to be shared among a larger service area, ultimately benefiting utility customers, according to Aqua America Chairman, CEO Christopher Franklin.
“Act 12 has enabled water utilities like Aqua and municipal systems like East Norriton to enter into agreements that benefit customers by ensuring professionally run, reliable service into the future,” said Franklin. “The legislation also provides municipalities with a fair market price for their assets, which can be used to address other important community priorities.”
Aqua Pennsylvania President Marc Lucca said he is looking forward to working with the township and residents in East Norriton. “The decision to sell water and wastewater assets is an important one for municipal leaders,” said Lucca. “We look forward to serving this community.”
Aqua Pennsylvania has three other fair market value asset purchase agreements in place: New Garden and East Bradford townships in Chester County with 2,100 and 1,200 customer connections, respectively; and Cheltenham Township, Montgomery County with 10,500 customer connections.
In addition to these three fair market value agreements, Aqua Pennsylvania has an asset purchase agreement with the Borough of Phoenixville, Chester County that would yield another 556 water connections outside its municipal boundary. Collectively, when closed, these five agreements would allow the company to welcome roughly 19,300 additional customer connections.
Aqua Pennsylvania completed the acquisition of the Limerick Township, Montgomery County wastewater system in July 2018 using Act 12 fair market value legislation, adding 5,400 customer connections.
Aqua America’s Illinois subsidiary completed acquisitions of the Village of Manteno’s wastewater assets July 2, and the Village of Peotone wastewater system on Oct. 1 and employing similar Illinois legislation, collectively adding more than 6,800 new customer connections and bringing Aqua America to its 1 million customer-connection milestone.
In terms of the company’s growth efforts in other regulated utilities, on Oct. 23, Aqua America announced it will acquire Pittsburgh-based natural gas company Peoples for $4.275 billion, creating a partnership that can have a more significant impact on improving infrastructure reliability, quality of life and economic prosperity in the areas it will serve. When this acquisition closes, expected in mid-2019, Aqua will add 740,000 customers in Western Pennsylvania, Kentucky and West Virginia to its family of companies.
More News and Articles
Sep 27, 2023
New e-learning module of the course BE-07 Investigation and Inspection of Sewers and Pipelines now available on UNITRACC!
Sep 27, 2023
Any water loss through leaking pipes is unacceptable in the eyes of the public, and on the launch of a deep-dive leakage report from Ovarro, technology leader for leakage solutions, Barbara Hathaway, explains how technologies continue to advance.
Sep 25, 2023
Pumping liquids may seem like a solved problem, but optimizing the process is still an area of active research. Any pumping application—from industrial scales to heating systems at home—would benefit from a reduction in energy demands. Researchers at the Institute …
Sep 22, 2023
PPXXI Conference and Exhibition welcomes McElroy Manufacturing, Inc. as the mobile app sponsor. Their sponsorship enhances networking opportunities for the delegates. Scheduled over September 25 -27, 2023, in Lake Buena Vista, Florida, PPXXI is the key technical and business event …
Sep 20, 2023
Aquatech is the leading water technology show in the world, with over 800 exhibitors and expecting over 22,000 visitors from over 140+ countries.
Sep 18, 2023
Designed to reduce pollution in Lake Erie by four billion gallons per year, Project Clean Lake is a 25-year plan being overseen by Cleveland's Northeast Ohio Regional Sewer District (NEORSD). When construction crews complete the $3 billion undertaking in 2036, …
Sep 13, 2023
Mullane once again proved why the company is an industry leader in pipeline solutions with a relining project on the mid north coast of New South Wales.
Sep 11, 2023
Pezzimenti Trenchless continues to showcase its position as a leading trenchless specialist by completing works on two Victorian projects.
Sep 08, 2023
Silvertown Tunnel under Thames - Newham to Greenwich near O2 Arena: See two massive boreholes in east London
The second of two boreholes beneath the Thames – which will together form London’s new Silvertown Tunnel – is now complete.
Sep 04, 2023
Report highlights American Water’s sustainable impact on communities across the U.S.
Aug 31, 2023
Anaergia Selected to Design, Build and Operate Organic Waste-to-Renewable Energy Project in San Diego County
System to provide renewable power, reduce wastewater utility costs, and cut greenhouse gas emissions for East County Advanced Water Purification facility.
Aug 28, 2023
Spiral wound lining is a sustainable method of pipe maintenance, allowing water authorities and councils to renew their critical infrastructure. Interflow is an expert in this field and has been pioneering new techniques for decades.