A state agency will acquire most of the water assets held by Aqua Utilities Florida and Crystal River Utilities, units of Aqua America Inc. (WTR:US), the Gainesville Sun reported, citing the Florida Government Utility Authority.
The 6-county government group paid $49.2 million for the water systems in 12 Florida counties, the newspaper said, citing a news release last week.
Documents on the Sumter County government website indicate Aqua America, the second-largest publicly traded water company in the U.S., wanted out because it had been forced to raise rates beyond what customers would tolerate, the paper reported.
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