Aqua America's Texas Subsidiary Buys Water System for $126K

Aqua America, Inc. WTR announced today that its Texas subsidiary has purchased the water system assets of a subdivision called Dancing Bear in Medina County, which is about 25 miles west of San Antonio. Aqua paid $126,000 for the system. “Aqua continues to strategically plan and execute our growth efforts in states like Texas, where our operations already have critical mass and which is one of the fastest-growing states in the nation,” said Aqua America Chairman Nicholas DeBenedictis. “The Dancing Bear subdivision will expand our footprint in the San Antonio suburbs, helping us build economies of scale. We look forward to serving our new customers.” The water system currently serves about 200 people, but build-out is expected to reach a population of more than 2,000 people. The system is within two miles of existing Aqua water systems. In July, Aqua announced that it has reached an agreement to sell its Maine operations to Connecticut Water Service, Inc. Aqua also announced in July that it will sell its regulated operations in New York (50,520 customers) to American Water AWK and purchase American Water's operations in Ohio (57,280 customers). In June, Aqua America's Texas subsidiary acquired 51 water and five wastewater systems from Texas American including 4,200 water and 1,100 wastewater customers (16,000 people) for $6 million — the approximate book value of the assets. That transaction was the final step in a property swap between the two companies that began in May, when Aqua America sold the bulk of its regulated Missouri operations (approximately 3,700 customers) to American Water for $3.2 million.