A Canadian utility hasreached an agreement with global equity firm, The Carlyle Group, to acquire the parent company of Missoula's Mountain Water Company.
Park Water owns and operates three water utilities that serve approximately 74-thousand customers in Southern California and Western Montana.
Algonquin Power & Utilities Corporation's regulated utility business, Liberty Utilities, is expected to pay an estimated $327-million-dollars for the three water utilities. That price includes the assumption of approximately $77-million-dollars of existing long-term utility debt.
Mountain Water Company president John Kappes is not fielding media requests today. His office issued this statement:
"We at Mountain Water Company are very pleased to hear that our company is going to be part of a long term utility owner that understands and supports a local, responsive and caring approach to the provision of utility services. Liberty has a long history of providing reliable utility service in other communities and is committed to making continued investment in Missoula’s water distribution system. We hope the community will join us in giving them a warm welcome."