Algonquin Power & Utilities acquires New York American Water
by CM Staff
New York American Water's operations include approximately 1,270 miles of water mains and distribution lines, with 98 per cent of customers in Nassau County on Long Island.
OAKVILLE — Algonquin Power & Utilities Corp. announced that Liberty Utilities, a wholly-owned subsidiary of AQN’s regulated utility operating subsidiary, Liberty Utilities Co., has completed the acquisition of New York American Water Company, Inc. from American Water Works Company, Inc. for a purchase price of approximately $608 million.
New York American Water is a regulated water and wastewater utility serving over 125,000 customer connections across seven counties in southeastern New York. New York American Water’s operations include approximately 1,270 miles of water mains and distribution lines, with 98 per cent of customers in Nassau County on Long Island.
“We are pleased to complete this important water utility acquisition, and to bring New York American Water’s employees and customers into the Liberty family,” said Arun Banskota, President and Chief Executive Officer of AQN in a statement.
“Since announcing the transaction, we have been working closely with the New York American Water team and local authorities and regulators in an effort to facilitate a smooth transition of services, and to understand the needs of our customers in these communities. We have a strong track record as a water utility owner and operator, and we are eager to bring that expertise to Long Island.”
Liberty stated that it plans to bring the customer service function back to Long Island, which is expected to increase local employment and improve the service provided to its customers.