Algonquin Power & Utilities Corp. has announced that, Liberty Utilities, APUC's regulated utility business, has closed a previously announced agreement with Western Water Holdings, a wholly-owned investment of Carlyle Infrastructure, to acquire the regulated water distribution utility Park Water Company.

The acquisition of Park Water was originally announced in September 2014. Park Water owns and operates three regulated water utilities engaged in the production, treatment, storage, distribution, and sale of water in Southern California and Western Montana. The three utilities collectively serve approximately 74,000 customer connections and have more than 1,000 miles of distribution mains.

Total consideration for the utility purchase was US$327 million, which includes the assumption of approximately US$77 million of existing long-term utility debt. This acquisition maintains APUC's strategic business mix and further enhances its investment grade consolidated capital structure.

Scotiabank acted as exclusive financial advisor to Algonquin Power & Utilities Corp.

Wells Fargo Securities, LLC acted as financial advisor to Western Water Holdings.

an Robertson, Chief Executive Officer of APUC, stated:

"The acquisition of Park Water strategically expands our utility presence in the United States. The acquisition builds on our strong water utility expertise, provides continuing opportunity for organic growth, and increases the proportion of our earnings from long-term, stable utility assets. We look forward to bringing our local and responsive business approach to the communities served by Park Water."