Indiana Utility Sells For $2M
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGreenwood-based Indiana American Water has completed the acquisition of a Warrick County utility. The deal for Yankeetown Water is valued at close to $2 million and involves more than 600 customers. April 28, 2014
News Release
GREENWOOD, Ind. – Indiana American Water President Alan DeBoy today announced the company's acquisition of Yankeetown Water, a member-owned water utility located in southwestern Indiana. The purchase of the system adds approximately 633 customers to the company’s customer base and serves a population of approximately 1,700 residents.
“The acquisition of this system will provide Yankeetown customers with lower rates and access to operations and capital management water professionals and a convenient 24/7 customer service center,” said DeBoy. “Indiana American Water already provides water to the nearby Town of Newburgh in this part of the state, so this is a good fit for us and a continuation of our efforts to expand our presence across Indiana.
“In a time when communities are looking for new and innovative ways to deal with challenges they're facing and hold the bottom-line on expenses, this acquisition is a great solution for the utility and its customers,” DeBoy continued. “Indiana American Water brings a broad range of experience, resources and knowledge to the community through this transaction that ultimately will have a positive impact on the area.”
The acquisition of the Yankeetown system for approximately $1,995,000 was approved by the Indiana Utility Regulatory Commission in March 2014 and closed by Indiana American Water and Yankeetown Water on April 28, 2014. The Yankeetown system will be incorporated into the company's Newburgh district, which currently serves approximately 21,000 residents.
About Indiana American Water
Indiana American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to more than 1.2 million people. Founded in 1886, American Water (NYSE: AWK) is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 6,600 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 14 million people in more than 40 states and parts of Canada. More information can be found at www.amwater.com.
Source: Indiana American Water