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Pennsylvania American Water buys Steelton Borough water system

|About: American Water Works Compan... (AWK)|By:, SA News Editor

American Water Works (NYSE:AWK) says its Pennsylvania American Water subsidiary agrees to acquire the Steelton Borough Authority water system for $21.75M.

The sale of the system, which serves nearly 2,400 customers, is expected to allow the borough to eliminate its existing water debt, build up budget reserves and invest in capital projects.

AWK says the sale was executed under Pennsylvania's Act 12 statute, which allows municipalities to sell water and wastewater systems for a price based on the fair market value of the facilities.

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