American Water Unit Acquires Georgetown Water For $6.4M
Zacks Investment Research | Nov 19, 2017 09:58PM ET
American Water Works Company Inc. (NYSE:AWK) announced that its subsidiary, Indiana American Water, has completed the acquisition of Georgetown Water System serving customers in Southern Indiana. The buyout worth $6.4 million will increase the company’s customers by 1,300.
Georgetown Water infrastructure was getting old and there was a pressing requirement for upgrade of the old structure for uninterrupted quality water supply. Indiana Utility Regulatory Commission approved the deal as it will help the customers of Georgetown Water System to have quality water services at low rates.
Acquisition Fuels Growth
The old water and wastewater infrastructure needs ample investments, which are easier for bigger players to make. Consolidation would, therefore, drive the necessary infrastructure overhauls for the industry at large.
Year to date, the water utility has added 26,400 customers through closed acquisitions and organic growth and will add another 43,700 customers when all the pending acquisitions are completed.
During the third quarter, American Water Works announced that its subsidiary, California American Water, completed the acquisition of Oxbow Marina Mutual Water Company. ( Read more: : .
Global Water Resources, a Zacks Rank #2 (Buy) stock, reported positive earnings surprise of 50% in the third quarter. Its 2017 earnings estimate moved up 28.6% to 9 cents in the last 60 days.
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