American Water Announces Agreement to Acquire Keystone Clearwater Solutions
June 18 2015 - 4:30PM
Business Wire
American Water Works Company, Inc. (NYSE: AWK), the largest
publicly traded U.S. water and wastewater utility company, today
announced that it has agreed to acquire Keystone Clearwater
Solutions (Keystone) from Rex Energy Corporation. The transaction
values the company at $130 million.
Keystone, headquartered in Hershey, Pa., is a water service
provider offering a range of water related services to the oil and
gas industry primarily in the Appalachian region of Pennsylvania,
Ohio and West Virginia.
“Keystone Clearwater Solutions provides turn-key water solutions
to the shale gas industry in a safe and environmentally responsible
manner,” said Susan Story, president and CEO of American Water. “We
are excited because Keystone’s offerings are in line with American
Water’s core competencies – supplying, transmitting, pumping and
storing water and building the infrastructure required to do so.
Keystone’s commitment to its customers, its operational focus and
its commitment to environmental responsibility and safety are also
aligned with American Water’s values and have allowed Keystone to
grow into a market leader in the shale gas water services segment
in only a few years. We will continue leveraging the expertise of
the talented team of Keystone employees who have built this
successful organization.”
Story added, “This acquisition delivers on one of our growth
strategies to develop complementary businesses. Coupled with our
existing activity in shale, the Keystone acquisition will enhance
our ability to provide additional water services solutions to shale
development companies."
Upon completion of the acquisition, Keystone will operate as a
separate, independent subsidiary of American Water.
“We are excited about this acquisition by American Water,” said
Ned Wehler, founder and chief executive officer of Keystone, who
will continue to lead the organization. “American Water’s
commitment to its customers, safety, the development of its
employees and environmental protection is consistent with
Keystone’s philosophy. We look forward to a bright future
together.”
American Water anticipates closing on the transaction in
July.
About Keystone Clearwater Solutions
Keystone Clearwater Solutions provides customized water
sourcing, transfer and hydraulic fracturing support including
intake development, turnkey pipeline construction, water storage,
management support and transfer services for Shale Gas
operators.
Founded in 2009, Keystone Clearwater is a water management
company, serving the needs of customers in the markets where we
live and work. Keystone’s origins were established through its
management team’s long-standing history and sound reputation in the
environmental engineering and water management field, including
water systems engineering, permitting, construction and
O&M.
About Rex Energy
Rex Energy, headquartered in State College, Pennsylvania, is an
independent oil and gas exploration and production company
operating in the Appalachian and Illinois Basins within the United
States. The company’s strategy is to pursue its higher potential
exploration drilling prospects while acquiring oil and natural gas
properties complementary to its portfolio.
About American Water
Founded in 1886, American Water is the largest and most
geographically diverse publicly traded U.S. water and wastewater
utility company. With headquarters in Voorhees, N.J., the company
employs 6,400 dedicated professionals who provide regulated and
market-based drinking water, wastewater and other related services
to an estimated 15 million people in 47 states and Ontario, Canada.
More information can be found at www.amwater.com.
Click here to subscribe to Mobile Alerts for
American Water.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150618006272/en/
American Water Works Company, Inc.Edward VallejoVice President,
Investor Relations856-566-4005edward.vallejo@amwater.comorMaureen
DuffyVice President,
Communications856-309-4546maureen.duffy@amwater.com
American Water Works (NYSE:AWK)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Water Works (NYSE:AWK)
Historical Stock Chart
From Apr 2023 to Apr 2024