Indiana American Water completes $45 million acquisition of Silver Creek Water

(UI) — Indiana American Water has completed its $45 million acquisition of Silver Creek Water Corporation (SCWC) as of November 6, 2024.

The transaction expands the utility’s service area to approximately 8,000 new customers in Silver Creek and Carr Townships in Clark County, and New Albany Township in Floyd County, located in southern Indiana.

“Silver Creek Water Corporation has been a highly valued wholesale water customer, and we are thrilled to welcome their customers and employees to Indiana American Water,” said Matthew Prine, president of Indiana American Water. “We look forward to providing our new customers with high-quality water service and a wide range of benefits, including water usage tools, flexible payment options, and the ability to report concerns and receive alerts through the MyWater customer service portal.”

The deal follows a November 2023 member referendum, where more than 74% of SCWC members approved the sale to Indiana American Water. As part of the transaction, the sale proceeds will be distributed to former SCWC members, managed by the SCWC board of directors.

In September 2024, the Indiana Utility Regulatory Commission (IURC) approved the sale, allowing Indiana American Water to immediately begin serving SCWC’s customers after the deal closed.

“Selling the water system to Indiana American Water was not a decision that we took lightly. But it was not a decision that we could make alone. The members ultimately voted and determined that it was the right decision for our community,” said Doug Chumbler, board president of SCWC. “This professional company has the size and expertise to stay at the forefront of water quality and safety technologies, ensuring our systems remain modernized. This is crucial for providing safe, reliable, and affordable water services to residents.”

Related News

From Archive

• Most Read
• Most Commented