By Michael Dabaie
Essential Utilities Inc. said its Pennsylvania wastewater subsidiary agreed to acquire the city of Beaver Falls's wastewater assets for about $41.25 million.
The publicly traded water, wastewater service and natural gas provider said the pending fair market value transaction is subject to Pennsylvania Public Utility Commission approval.
Beaver Falls' wastewater system serves about 7,600 customer-equivalents, including residential and commercial connections. The city currently provides sewer service to customers of Beaver Falls and seven outlying municipalities.
Essential Utilities said it anticipates the need for about $10 million in infrastructure improvements over the next decade with a focus on safety, security and treatment plant upgrades.
Beaver Falls is the fifth asset-purchase agreement executed by Essential's Aqua companies in 2021.
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(END) Dow Jones Newswires