OAKVILLE, ON, Feb. 1, 2013 /CNW/ - Algonquin Power & Utilities Corp.
("APUC") (TSX: AQN) today announced the closing of the acquisition of
the regulated water distribution utility assets located in Pine Bluff,
Arkansas from United Waterworks Inc. The acquisition by its subsidiary
was originally announced in August 2012 and final regulatory approvals
were received in December 2012.
Consideration for the utility purchase was approximately U.S. $27.6
million representing a multiple of regulatory assets of approximately
1.16x, plus working capital and closing adjustments. The regulated
water distribution utility provides water service to over 17,000
customers in the state of Arkansas.
"The acquisition of the Pine Bluff water utility provides the
opportunity for Liberty Utilities to participate in the supportive
Arkansas regulatory environment," commented Chief Executive Officer Ian
Robertson. "The continued expansion of our regulated utility business
footprint in the US will deliver enhanced stability in our earnings and
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified $3.0
billion portfolio of regulated and non-regulated utilities in North
America. The company's regulated utility business provides water,
electricity and natural gas utility services to more than 350,000
customers through its nationwide portfolio of regulated generation,
transmission and distribution utility systems. The company's
non-regulated electric generation subsidiary owns or has interests in
renewable energy and thermal energy facilities representing more than
1,100 MW of installed capacity. Algonquin delivers continuing growth
through an expanding pipeline of renewable power and clean energy
projects, organic growth within its regulated utilities and the pursuit
of accretive acquisition opportunities. Common shares and preferred
shares are traded on the Toronto Stock Exchange under the symbols AQN
and AQN.PR.A respectively. Visit Algonquin Power and Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information
that is forward-looking within the meaning of certain securities laws,
including information and statements regarding prospective results of
operations, financial position or cash flows. These statements are
based on factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection, including assumptions
based on historical trends, current conditions and expected future
developments. Since forward-looking statements relate to future events
and conditions, by their very nature they require making assumptions
and involve inherent risks and uncertainties. APUC cautions that
although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the
possibility that actual results may differ materially from the
expectations set out in the forward-looking statements. Material risk
factors include those set out in the management's discussion and
analysis section of APUC's most recent annual report and quarterly
report, and APUC's Annual Information Form. Given these risks, undue
reliance should not be placed on these forward-looking statements,
which apply only as of their dates. Other than as specifically required
by law, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent or
SOURCE: Algonquin Power & Utilities Corp.
For further information:
Algonquin Power & Utilities Corp.
Saira Husain, Communications