CPPIB Invests in Aqua America

Posted on 03/29/2019


Aqua America, Inc. is the second largest publicly-traded water and wastewater utility based in the United States. Canada Pension Plan Investment Board (CPPIB) is investing approximately US$ 750 million in Aqua America by getting roughly 21.7 million newly issued shares of Aqua’s common stock. Aqua America is pending an acquisition of Peoples Natural Gas. The investment is expected to close concurrently with, and contingent upon, the Peoples acquisition.

The all-cash Peoples acquisition reflects an enterprise value of US$ 4.275 billion, including the assumption of approximately US$ 1.3 billion of debt.

Aqua America is a Pennsylvania corporation.

Advisors

Moelis & Company LLC is serving as lead financial advisor and Goldman Sachs & Co. LLC and RBC Capital Markets, LLC are serving as financial advisors to Aqua America. Simpson Thacher & Bartlett LLP is serving as legal advisor to Aqua America.

Sullivan & Cromwell LLP is serving as legal advisor to CPPIB.