BRYN MAWR, Pa.–(BUSINESS WIRE)–Aqua Pennsylvania Wastewater announced today it has completed a good-faith payment of $3 million toward the purchase of the municipal wastewater system of Lower Makefield Township in Bucks County, Pennsylvania. The company announced in September that it had signed an asset purchase agreement to acquire the municipality’s wastewater assets for $53 million. The pending transaction is subject to Pennsylvania Public Utility Commission approval.
Aqua Pennsylvania Wastewater President Marc Lucca explained that “This good-faith deposit, will help Lower Makefield Township meet its 2021 budget obligations while the transaction makes its way through the regulatory approval process with the Public Utility Commission.
“In addition to the assurance of reliable wastewater service provided by experienced licensed operators and engineering professionals, another benefit of this transaction is that the proceeds from the sale will enable the township to direct the funds to areas they identify as most in need,” said Lucca.
Lower Makefield Township has a population of approximately 32,600 people in Bucks County, Pennsylvania. The system serves approximately 11,000 residential and commercial connections in Lower Makefield, Falls and Middletown townships, and Yardley Borough with a system that includes 113 miles of collection mains and 14 pump stations. Its waste is treated at the Morrisville Municipal Authority Plant.
Aqua Pennsylvania Wastewater is a subsidiary of Aqua Pennsylvania and serves approximately 43,000 connections in 16 counties throughout the Commonwealth of Pennsylvania. Visit AquaAmerica.com for more information or follow Aqua on Facebook at facebook.com/MyAquaAmerica and on Twitter at @MyAquaAmerica.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the company’s ability to receive governmental approval of the transactions and to successfully close the acquisitions. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; the receipt of governmental approvals; the successful closing of the acquisitions; the successful integration of the customers and the facilities; successful donation efforts to organizations; effects of pandemics or other widespread health problems; and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential Utilities’ business, please refer to Essential Utilities’ annual, quarterly and other SEC filings. Essential Utilities is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contacts
Donna Alston
Mgr. Communications
M: 484.368.4720
DPAlston@AquaAmerica.com
