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Virginia American Water has successfully acquired the drinking water system assets of the Town of Waverly, Virginia for $2.2 million, the first transaction under Virginia's Fair Market Value Legislation. The company plans to invest over $4 million in crucial water system enhancements, which include replacing water mains and meters. This acquisition will benefit approximately 905 customers, ensuring they receive high-quality water services. Additionally, the transaction alleviates pressure on Waverly's Public Works Department, allowing for improved town management.
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Acquisition of Waverly's water system for $2.2 million enhances long-term infrastructure.
Virginia American Water plans to invest over $4 million in critical improvements.
Acquisition increases operational efficiency for Waverly's Public Works Department.
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Sale provides a long-term solution for the town’s aging water system
ALEXANDRIA, Va.--(BUSINESS WIRE)--
Virginia American Water announced today it has closed the acquisition of the drinking water system assets of the Town of Waverly, Virginia for $2.2 million. This acquisition is the first to be completed under the recently passed Fair Market Value Legislation enacted by the General Assembly of Virginia.
As part of the acquisition, Virginia American Water will invest more than $4 million in future critical water system improvements that include water main and meter replacements and improvements to wells and tanks, as well as numerous other projects to enhance safety and security measures and system reliability.
“We are so pleased to welcome Waverly’s residents as our newest customers. Thank you to Mayor McPhaul, Town CouncilPresident Cox and the Council Members for their support throughout the process. The approval by the SCC allows residents to benefit from our company’s expertise in operating drinking water systems, including a stellar record of water treatment, water quality testing and compliance. The 905 customers who will join us with this acquisition will receive the same high-quality service that our customers throughout the state expect and deserve,” said Barry Suits, president of Virginia American Water.
“Closing this deal is an enormous win for the citizens of Waverly,” said Franklin Cox, Council President, Town of Waverly. “First, our water system will now be in the hands of a company with more than 170 years of experience. Virginia American Water brings an incredible depth of knowledge managing water systems and financial resources to our little town. They are already planning upgrades and improvements that we could only dream of on our own.”
The Town of Waverly signed an agreement to sell its drinking water system to Virginia American Water in April 2021 based on the need to upgrade the system's infrastructure, bring experience and expertise in drinking water management, and help ensure the necessary investments were made for the Town's future. Virginia America Water takes a proactive approach to maintaining infrastructure and in 2021 alone, invested more than $35 million in water system improvements statewide.
“The money that we receive from this sale will be properly managed and protected, with the goal of benefitting all the citizens of Waverly for many, many years. Additionally, our overworked Public Works Department will no longer have to spend most of their time dealing with water issues, but will be freed up to focus on other areas of town. In summary, I am overwhelmed and overjoyed at what this means for my beloved hometown,” Cox continued.
Virginia American Water will be sending information to Waverly customers this week, including how to enroll in MyWater, the company’s online customer portal, as well as other customer service programs and benefits. The company also provides bill paying assistance programs, conservation tips and more.
About Virginia American Water
Virginia 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 services to over 339,000 people. For more information, visit www.virginiaamwater.com and follow Virginia American Water on Twitter and Facebook.
