Allete sell US Water Services $270 million

Allete to sell US Water Services for $270 million

12:02 PM, 11th February 2019
Allete logo

DULUTH, US: Allete Inc has entered into a stock purchase agreement providing for the sale of US Water Services Inc to Kurita Water Industries Ltd, for $270 million.

Kurita Water is a leading international water management company headquartered in Tokyo, Japan. The deal is expected to close by the end of the first quarter 2019.

Based in Minnesota, US Water Services, an integrated water solutions company serves a diverse mix of approximately 5,000 customers to optimize system performance, reduce water and energy use, and improve efficiency. It was acquired by Allete in 2015. This announcement supports Allete’s long-term diversification strategy that includes expanding investments in clean energy opportunities with an average annual earnings growth objective of five to seven percent.

“This sale exemplifies our disciplined approach to providing shareholder value while executing on our multi-faceted strategy. Our go-forward business mix provides attractive opportunities to meet and potentially exceed our stated average annual earnings growth target of five to seven percent while supporting our strong credit ratings,” said Bob Adams, Chief Financial Officer, Allete.

“US Water employees have been an important part of Allete’s corporate history and family of companies delivering on our commitment to answer the call to transform the nation’s energy and water landscape. We believe we have positioned U.S. Water Services for future success, as well as Allete, as we expect continued growth through pursuing additional opportunities in the clean energy space,” added Al Hodnik, Chairman and CEO, Allete.

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