The Firm is representing Aqua America, Inc. (NYSE: WTR) in its announced acquisition of Peoples in an all-cash transaction with an enterprise value of $4.275 billion. Peoples, the largest natural gas distribution company in Pennsylvania, consists of Peoples Natural Gas Company LLC, Peoples Gas Company LLC and Delta Natural Gas Company Inc. The transaction is subject to customary closing conditions, including expiration of the HSR waiting period and regulatory approvals by the public utility commissions in Pennsylvania, Kentucky and West Virginia.
Aqua America is a 132-year-old regulated water and wastewater utility whose 1,600 employees serve 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Headquartered in Bryn Mawr, Pennsylvania near Philadelphia, Aqua’s mission is to protect and provide Earth’s most essential resource for the customers and communities it serves.
The Simpson Thacher team includes Eli Hunt, Erika Tang and Kathey Guo (M&A); Brian Chisling (Regulatory and M&A); Matt Einbinder, Erland Modesto, Andrew Lanius and Brandon Barton (Banking and Credit); Ryan Bekkerus, Roxane Reardon and Matt Hart (Capital Markets); David Rubinsky, Patricia Adams and Caitlin Fitzgerald (Executive Compensation); Jasmine Hay (Tax); Peter Guryan and Kelly Karapetyan (Antitrust); Michael Isby (Environmental); Krista McManus (Real Estate); Lori Lesser and Genevieve Dorment (Intellectual Property); and Steve DeLott (Insurance).