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New York American Water to be sold to Liberty Utilities for $608M
Sale follows surcharge criticism, calls for public takeoverAmerican Water Works Co. announced in a release Wednesday that it would sell its New York operation to Liberty Utilities for $608 million cash. The deal follows years-long criticism from Nassau County ratepayers, lawmakers and watchdogs who have questioned the private company’s rate structure, water service and infrastructure management.
The sale is expected to close by late 2020 following approval by the state Public Service Commission, according to the release.
“After a careful and comprehensive analysis, we believe it is in the best interest of our customers in New York to sell to Liberty,” said NYAW President Lynda DiMenna in a letter to local ratepayers Wednesday. “We are committed to working together to ensure that the transition is unnoticeable . . . and that safe and reliable water service continues throughout the transition and beyond.”
NYAW services nearly 120,000 Nassau residents across three districts: Lynbrook, Merrick and Sea Cliff.
Read more: http://liherald.com/stories/breaking-new-york-american-water-to-be-sold-to-liberty-utilities-for-608m,120110
(Long Island Herald)