ALLETE Completes Successful Strategy with Sale of Remaining Florida Water Systems.DULUTH, Minn. -- ALLETE, Inc. (NYSE NYSE See: New York Stock Exchange :ALE) subsidiary Florida Water Services Corporation has completed the sale of its remaining 72 water and wastewater systems to Aqua America, Inc. (NYSE:WTR WTR Water WTR Writer WTR Wait To Restore WTR Wireless Technology Research WTR Walker, Texas Ranger (TV show) WTR Western Test Range WTR With-The-Rule Astigmatism WTR Working Time Regulation (UK) ) and Seminole County Seminole County is the name of several counties in the United States:
The transactions are subject to regulatory approval by the Florida Public Service Commission Florida Public Service Commission (FPSC) is an independent regulatory agency serving the public of Florida by managing its public utilities such as telecommunications, electricity, natural gas, water, and wastewater. . The approval process may result in an adjustment to the final purchase price based on the FPSC's determination of plant investment for the systems. Aqua America, Inc. (NYSE:WTR) purchased 63 of the water and wastewater systems for $13.82 million. Seminole County bought nine systems for $4.18 million. The closing of these water utility sales essentially concludes ALLETE's successful strategy of exiting its water services holdings in the Southeast. When the strategy was launched in late 2001, ALLETE owned the largest publicly-traded water and wastewater utilities in both Florida and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . Sale proceeds were used to strengthen ALLETE's balance sheet and retire debt. Headquartered in Duluth, Minnesota, ALLETE provides energy services in the Upper Midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. and is the majority owner of ADESA, Inc., a leading provider of auctions and services for North America's vehicle remarketing industry. ALLETE also has significant real estate holdings in Florida. The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. |
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