Thames Water's Acquisition of E'town Gains Regulatory Approval
Worlds Third Largest Water Service Provider Set to Expand in the US
Thames Water Plc. announced on Oct. 13 that its acquisition of Etown, one of the largest investor-owned water utilities in the United States, has been approved by the New Jersey Board of Public Utilities.
The approval clears the way for completion of the transaction, which will mark the beginning of Thames Waters retail water supply operations in the United States.
London-based Thames Water is the third largest global water service provider serving a population of over 23 million people and employing over 12,000 worldwide. The acquisition of Etown represents an important step in the continuing development of Thames international activities and enhances its ability to accelerate the growth of its North American business. At the same time, Etown, which serves more than one million people throughout New Jersey, gains access to Thames wealth of international experience and expertise.
"With the water and wastewater services market in the U.S. poised for rapid expansion, Thames Water is now in a strong position to secure significant additional business," said Bill Alexander, Thames Waters Chief Executive. "Together, the two companies will be in a position to capitalize on their combined experience and expertise to provide customers with superior quality and service in all areas of our business."
The acquisition will take the form of a merger of Etown, which will become a wholly-owned subsidiary of Thames Water. Etown shareholders overwhelmingly approved the merger in May 2000 and final completion of the transaction is expected by the end of November 2000.
SOURCE: Thames Waters Press Office