American Water completes Derry Township acquisition
American Water Works Co. Inc., the parent company of Dauphin County-based Pennsylvania American Water, has completed its acquisition of Keystone Clearwater Solutions LLC in Derry Township.
Announced last month, the Keystone deal gives American Water a new subsidiary that provides water-related services to oil and gas companies in Pennsylvania, Ohio and West Virginia.
Keystone’s water-transfer services for shale gas companies include water sourcing, intake development, water storage and turnkey pipeline construction, according to its website.
The deal valued Keystone, which was founded in 2009, at $130 million. American Water purchased 95 percent interest in the company for $123.5 million, with Keystone's founders retaining the remaining 5 percent.
New Jersey-based American Water is the largest publicly traded U.S. water and wastewater utility company. It operates in 47 states and Ontario, Canada, serving about 15 million people over that footprint.
Shares of the company are traded on the New York Stock Exchange under the ticker symbol AWK.