Continuously serving Kosciusko County since 1854
The Indiana Utility Regulatory Commission has concluded its review of the proposed acquisition of Indiana-American Water Works Co.'s parent company, American Water Works Co., Inc. by RWE AG/Thames.
Indiana-American Water Works is the water service proviider for Warsaw.
Although the IURC does not have regulatory approval powers over the transaction, it did initiate an investigation to determine its effect on Indiana customers and the quality of service of Indiana-American Water Co. Inc.
The company will continue to be regulated by the IURC, the Indiana Department of Environmental Management and the U.S. Environmental Protection Agency.
American Water Works first announced that it agreed to be purchased by RWE for approximately $7.6 million in cash and assumed debt Sept. 17, 2001.
Under this agreement, RWE will purchase all outstanding shares of American Water Works at $46 per share in cash. The transaction is expected to be complete in the first quarter of 2003 once all the necessary regulatory approvals have been received.
Referring to the move as a merger, I-AWC president John Eckart said, "Management decisions regarding customer service, water treatment and distribution will continue to be made at the local level.
"The same group of professionals who are operating our treatment facilities, monitoring water quality and performing service calls to our customers today will be responsible for carrying out those functions once the transaction is complete."
I-AWC has more than 269,000 customers in 35 cities and towns throughout the state.
It is the largest publicly-traded company devoted exclusively to the water and wastewater business, providing water, wastewater and other water resource management services to more than 15 million people in 27 states and three Canadian provinces.
