American Water, the largest publicly traded U.S. water and wastewater utility company, closed the sale of its regulated operations in New York to a subsidiary of Liberty Utilities, the regulated utility operating subsidiary of parent company Algonquin Power & Utilities Corp., for a purchase price of $608 million in cash.
American Water announced the agreement to sell its regulated operations in New York to Liberty on November 20, 2019, citing the best interest of customers in New York to sell to Liberty, which has other utility operations in New York. The sale is a part of American Water’s strategy to continue to create value for customers, employees, and shareholders. On December 16, 2021, the New York State Department of Public Service approved the sale, adopting the Joint Proposal filed on November 3, 2021 by both companies. American Water completed the sale to Liberty on January 1, 2022.
