Stipulation Approving Thames Water Acquisition of E'town Signed by All Parties

Updated 12:56 PM ET September 28, 2000

WESTFIELD, N.J.--(BUSINESS WIRE)--Sept. 28, 2000--A stipulation approving the acquisition of E'town Corporation (E'town) by Thames Water Plc (Thames Water) was approved yesterday by all of the parties to the petition requesting approval of the acquisition before the New Jersey Board of Public Utilities (BPU). The BPU staff signed the stipulation after being authorized to do so by the BPU Commissioners at their meeting yesterday. The acquisition still requires formal approval of the signed stipulation by the BPU, which is expected in October.

E'town anticipates that Thames Water will complete its acquisition of E'town by the end of this year. Under the acquisition agreement, Thames Water has agreed to acquire E'town for $607 million, or $68 per share, in cash. Thames Water will also assume the net debt of E'town. On May 18, 2000 E'town shareholders voted in favor of the agreement.

E'town operates in New Jersey and is one of the largest investor-owned water utilities in the United States. E'town is made up of two regulated water utilities (Elizabethtown Water Company and The Mount Holly Water Company), two non-regulated contract operations (Liberty Water Company and Edison Water Company), a regulated wastewater company (Applied Wastewater Management, Inc.), an engineering/operations business (Applied Water Management, Inc.) and a real estate company (E'town Properties, Inc.).

Contact: E'town Andrew M. Chapman, 908/301-3218 President or Donna Gregory Director -- Corporate Communication 908/301-3235 or Erin Reilly Senior Coordinator -- Corporate Communication 908/301-3234