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Allete sells off another piece of Florida Water Services

Florida Water Services Corp., a subsidiary of Duluth-based Allete Inc., has sold its water and wastewater system serving Marion County in Florida. The system was sold to the county for about $22 million.

With this latest transaction, Florida Water has sold about 85 percent of its assets or has them under contract, for a total of $417 million.

Florida Water will clear about $75 million from these sales, after deducting selling and transaction costs.

Florida Water continues to seek buyers for its remaining systems. Net proceeds from the sales will be used to retire debt at Allete.