Aqua America to Sell Its Maine Operations to Connecticut Water for $53.5M

Aqua America, Inc. (NYSE: WTR) announced today that it has reached an agreement to sell its Maine operations to Connecticut Water Service, Inc. (NASDAQ: CTWS) for $53.5 million, subject to certain adjustments at closing. Aqua America has owned the company, which includes 11 water systems serving 16,000 customers in 17 communities throughout Maine, since March 1999.

The sale, which requires approval of the Maine Public Utilities Commission, is expected to be completed during the first quarter of 2012.