Natural Gas Meter

Jay Crihfield | Dreamstime.com

Peoples To Be Acquired By Aqua America

October 23, 2018 - 11:11 am
Categories: 

PITTSBURGH (Newsradio 1020 KDKA) - Peoples is set to be acquired by water and wastewater utility company Aqua America. The $4.275 billion all-cash deal was announced on Tuesday.

Once finalized, the new company would be a water and natural gas utility serving more than a million water customers and 740,000 gas customers.

The natural gas division of the company would continue to be headquartered in Pittsburgh and will continue to be lead by Morgan O’Brien. The corporate, water and wastewater division would be headquartered in Bryn Mawr, Aqua America's current home.

"The acquisition of Peoples is a great strategic fit and aligns directly with our growth strategy and core competencies of building and rehabilitating infrastructure, timely regulatory recovery, and operational excellence," Aqua Chairman and CEO Christopher Franklin said in a statement.

"Both Aqua and Peoples place customers at the center of all we do. We care deeply for employees and their safety, have expertise in pipe replacement, and prioritize stewardship of the environment. Both companies have worked hard to earn credibility with regulators and respect of other stakeholders, and to employ advanced operational efficiencies, all of which create long-term value for customers, communities, employees and shareholders."

Earlier this year, Peoples had looked to partner with the Pittsburgh Water and Sewer Authority.

On their website, Peoples placed this statement to customers regarding the acquisition, "Note: To all Peoples customers, this transition will not affect your current service or rates with Peoples."

The combined company will service customers in 10 states, with the largest concentration in Pennsylvania.