Water to Buy NY Water Company
United Water Agrees to Buy New York Water Company for $28 Million
HARRINGTON PARK, N.J. (AP) -- United Water Inc., which supplies water and wastewater services to seven million people in 20 states, said Monday it will buy a New York-based water company for $28 million.
United Water did not indicate when the deal is expected to close.
Tony Harding, the company's chief executive officer, said buying the Aquarion Water Company, which is a division of Britain-based Kelda Group, will add to the company's existing operation in Westchester County, N.Y. where it serves about 150,000 people.
The deal is subject to the approval of the New York State Public Service Commission.
United Water is a subsidiary of Paris-based Suez Group, which manages public utilities in the energy sector and provides water-related services.
Shares of Suez added 9 cents to close at $49.73 on the New York Stock Exchange.