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Indiana American Water has acquired the Lowell water system for $24.5 million, adding approximately 4,000 customers and serving nearly 11,000 residents. This acquisition is the company's largest in over two decades and aligns with its strategy to expand its presence in Indiana. With this system, Indiana American Water aims to offer improved rate stability and enhanced customer service options, leveraging economies of scale. The Indiana Utility Regulatory Commission approved the acquisition on December 22, 2021, and it was finalized on December 28, 2021.
Positive
Acquisition expands customer base by approximately 4,000 customers.
Expected to lower future water rates for Lowell customers due to economies of scale.
Enhances service options and operational efficiencies.
Negative
None.
LOWELL, Ind.--(BUSINESS WIRE)--
Indiana American Water President Matt Prine today announced the company’s acquisition of the Lowell water system in northwest Indiana. The purchase of the system adds approximately 4,000 water customers to the company’s customer base, which represents a population of nearly 11,000 residents.
“The acquisition of this system will help hold future rates down for Lowell customers as needed investments are made and also provide access to operations and capital management water professionals and a number of customer service options and payment methods,” said Prine. “Indiana American Water already provides water service to several nearby communities, so this is a good fit for us and a continuation of our efforts to expand our presence across Indiana.”
The Lowell acquisition marks the largest acquisition by Indiana American Water in more than two decades. The company provides water service to approximately one in five residents across the state and owns and/or operates more than 35 water and wastewater systems in Indiana.
According to Lowell Town Council President Todd Angerman, “Lowell customers will benefit from Indiana American Water’s experience and expertise and the company’s large customer base across the state will provide much greater economies of scale and future rate stability by keeping water rates lower than they would have been as a small stand-alone system. The acquisition will also help us to meet future growth in the area and provide the resources to focus on other community needs.”
The acquisition of the Lowell water system for $24.5 million was approved by the Indiana Utility Regulatory Commission on December 22, 2021 and closed by Indiana American Water and the Town of Lowell on December 28, 2021.
About Indiana American Water
Indiana American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and wastewater services to approximately 1.32 million people. With a history dating back to 1886, American Water (NYSE:AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 25 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.
What is the significance of Indiana American Water's acquisition of the Lowell water system?
The acquisition adds approximately 4,000 customers and is the largest for Indiana American Water in over two decades, enhancing its service capabilities and market presence in Indiana.
How much did Indiana American Water pay for the Lowell water system?
The Lowell water system was acquired for $24.5 million.
When was the acquisition of the Lowell water system approved?
The acquisition was approved by the Indiana Utility Regulatory Commission on December 22, 2021.
When was the acquisition of the Lowell water system finalized?
The acquisition was finalized on December 28, 2021.
How will the Lowell acquisition benefit local customers?
Local customers are expected to benefit from lower future rates and enhanced customer service options due to Indiana American Water's larger operational scale.
