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AVATAR TO SELL ITS FOUR MIDWEST WATER UTILITIES TO AMERICAN WATER WORKS

 CORAL GABLES, Fla., Feb. 1 /PRNewswire/ -- Avatar Holdings Inc. (NASDAQ: AVTR) announced the signing of agreements for the sale of its water and wastewater utilities located in Indiana, Missouri, Ohio and Michigan.
 The sale of Avatar's midwest water utilities to American Water Works Company, Inc. will close as soon as possible following the receipt of all requisite governmental and regulatory approvals. The sale of the midwest water utilities at a price in excess of $55 million will result in an aggregate pre-tax gain to Avatar of approximately $26 million. Avatar intends to apply a portion of the net proceeds toward further reduction of bank debt and to retain the balance for working capital and other corporate purposes. Avatar will retain its water and wastewater utilities operations in the state of Florida.
 Kidder, Peabody & Co. acted as Avatar's financial advisor for these transactions.
 Avatar Holdings Inc. is a diversified holding company primarily engaged, through its various subsidiaries, in real estate and utilities operations. Real estate activities include the development, marketing and sale of improved and unimproved property; construction and sale of shelter units; operations of amenities, resorts and cable television facilities in Avatar-developed communities; sale and management of timeshare unit weeks; and residential and commercial property management services. Utility operations include the purification and distribution of water and the treatment and disposal of wastewater.
 -0- 2/1/93
 /CONTACT: Juanita I. Kerrigan, vice president & secretary of Avatar Holdings Inc., 305-442-7000, ext. 230/
 (AVTR)


CO: Avatar Holdings, Inc.; American Water Works Company, Inc. ST: Florida IN: UTI SU:

SS-JB -- FL004 -- 1194 02/01/93 09:09 EST
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Publication:PR Newswire
Date:Feb 1, 1993
Words:265
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