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ALLETE Completes Sale of North Carolina Water Systems

June 03, 2004

ALLETE, Inc., announced that it has completed the sale of its North Carolina-based water and wastewater systems, Heater Utilities, Inc., to Aqua America, Inc. for $48 million in cash and the assumption of approximately $28 million in debt by Aqua America. The North Carolina Utilities Commission approved the transaction on May 26. The agreement to sell Heater Utilities to Aqua America was announced in November of 2003. At that time, Aqua America was known as Philadelphia Suburban Corporation.
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