Aqua America is the new owner of DELCORA after a deal was reached for the water utility to buy the Delaware County Regional Authority for $276.5 million, writes Michelle Caffrey for Philadelphia Business Journal.

DELCORA’s purchase is the largest water utility sale in the state and Aqua’s largest municipal transaction.

DELCORA’s 136 employees will work for Aqua as part of the deal.  Union contracts will be honored.

“Our long track record of delivering reliable water and wastewater services, and investing in infrastructure across the United States, has positioned Aqua well for this opportunity,” Aqua CEO Chris Franklin said in a statement.

Aqua and DELCORA have been in negotiations since July.

Camden-based American Water tried to enter negotiations last month with its own proposition to DELCORA.

DELCORA Executive Director Robert Willert said the utility entered into exclusive talks with Aqua because upgrades would cost more than $1 billion over the next two decades. Aqua has an extensive presence in the area, he said, and already supplies water service to the majority of DELCORA’s customers in Delaware County.

DELCORA decided to use proceeds from the sale to offset rate increases for the next 10 years.

Read more about the Aqua-DELCORA deal here.

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