Essential Utilities Shelves $1.1 Billion Deal With Bucks County Water and Sewer Authority

By Kathryn Hardison

Essential Utilities Inc. said Wednesday that its potential acquisition of the Bucks County Water and Sewer Authority's wastewater assets has fallen through.

The two groups agreed in July to continue discussions for a possible acquisition, and Essential's Aqua Pennsylvania subsidiary formally offered more than $1.1 billion at the time. Those discussions were halted on Tuesday after county commissioners issued statements of opposition to the deal.

Chief Executive Christopher Franklin said the company was disappointed by the turn of events, but it has a pipeline of opportunities for partnerships with other elected officials.

Essential's Aqua companies has completed two acquisitions this year. The companies also have seven additional signed purchase agreements to acquire water and wastewater systems for a total purchase price of approximately $364.5 million, representing more than 217,000 equivalent retail customers or equivalent dwelling units.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

09-07-22 1212ET