FGUA Trying to Finalize Asset Sale
ALLETE, Inc. (NYSE: ALE) has announced today its subsidiary, Florida Water Services (FWS), will continue exclusive talks with the Florida Governmental Utility Authority (FGUA) to clarify and finalize terms of the sale of Florida Water's assets.
During the extended period, which expires on Jan. 11, 2002, Florida Water Services has agreed that it will not explore other sale options or begin discussions with other companies concerning the sale of the company's assets.
Florida Water Services is the largest investor-owned water and wastewater utility in Florida. It provides service to more than 120 communities in 27 counties across the state. FGUA is an innovative home-rule mechanism available under Florida law enacted in 1999 permitting local governmental entities to join together to acquire, finance, own and operate water or wastewater utilities.