West Virginia American Water completes $27 million acquisition of Jefferson Utilities
(UI) — West Virginia American Water, a subsidiary of American Water, has completed the acquisition of Jefferson Utilities, including the assets of Jefferson Utilities, Inc., Valley Water and Sewer Services, Shenandoah Junction Public Sewer and East Jefferson Sewer Services for $27 million.
Next steps in the transition will include updating and improving infrastructure throughout the system to continue providing reliable water and wastewater service to residents across the Eastern Panhandle.
The combined systems serve 3,978 customer connections in Jefferson, Berkeley and Morgan counties.
“West Virginia American Water is thrilled to become the water and wastewater service provider for many residents throughout the Eastern Panhandle,” said West Virginia American Water President Robert Burton. “The panhandle of West Virginia is vibrant and growing. Expanding our services into the region stands to benefit all of our service areas as we serve more communities in West Virginia. We thank Lee Snyder for the excellent work he has done to build the Jefferson Utilities systems, and we look forward to continuing the exceptional level of service that customers in this area have come to expect and deserve.”
The acquisition follows an extensive year-long review of the deal by the Public Service Commission (PSC) of West Virginia. The purchase agreement between West Virginia American Water and Jefferson Utilities was executed under §24-2-4g, which allows sellers to value their water and wastewater systems at a price based on the fair value of the assets. Enacted in 2020, this statute gives utility owners the opportunity to receive a purchase price that is more reflective of the current value of their system assets.
“All of our employees and I have worked diligently and tirelessly over the past 25 years to establish the Jefferson Utilities’ water system. We have accomplished a great deal and served our customers well. As I approach retirement, my succession goal is to see our work continued by a very capable utility company, West Virginia American Water,” said former Jefferson Utilities owner Lee Snyder. “With this agreement, the future of the Eastern Panhandle is bright. This sale presents an incredible opportunity for our area and our customers. I look forward to all that West Virginia American Water will do for and within our communities.”
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