Water
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In 2024, Granite City, Illinois, completed the sale of its wastewater treatment plant to Illinois American Water for $86 million. This transaction added approximately 26,000 wastewater customer connections, encompassing about 10,500 direct and 15,500 indirect customers in surrounding communities.
https://www.sec.gov/Archives/edgar/data/1410636/000141063624000085/awk-20240311.htm
https://www.sec.gov/Archives/edgar/data/1410636/000141063624000085/exhibit991-pressreleaseila.htm
The Granite City Council approved the Asset Purchase Agreement on April 5, 2023, and the Illinois Commerce Commission (ICC) sanctioned the sale on January 31, 2024. Illinois American Water has committed to investing approximately $40 million in capital improvements at the plant within the first five years of ownership. Mayor Mike Parkinson highlighted that the proceeds from the sale would be allocated to other critical community needs, ensuring the preservation and transition of all jobs for existing employees.
For detailed information regarding the contract, including specific terms and conditions, you can refer to the Illinois Commerce Commission’s documentation related to this transaction. Additionally, the Securities and Exchange Commission’s filing provides further insights into the acquisition.
https://www.icc.illinois.gov/docket/P2019-1134/documents/294520/files/513818.pdf
If these sources do not provide the complete contract details, you might consider submitting a Freedom of Information Act (FOIA) request to Granite City’s municipal offices or the Illinois Commerce Commission to access the full contract documentation.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001410636/000141063624000187/awk-20240930.htm
On March 11, 2024, the Company’s Illinois subsidiary completed the acquisition of a wastewater treatment plant and related assets from Granite City for a cash purchase price of $86 million, which added approximately 26,000 wastewater customers, including 15,500 customers indirectly in surrounding communities. Assets acquired from this acquisition, principally utility plant, totaled $91 million and liabilities assumed totaled $5 million. This acquisition was accounted for as a business combination and the preliminary purchase price allocation will be finalized once the valuation of assets acquired has been completed, no later than one year after the acquisition date.