The Car and Truck Fleet and Leasing Management Magazine

ALLETE Completes Sale of Remaining Water Utilities

July 08, 2004

ALLETE, Inc., majority owner of vehicle remarketer ADESA, Inc., has completed the sale of its remaining 72 water and wastewater systems to Aqua America, Inc. and Seminole County, Fla. for a total of $18 million. The transactions are subject to regulatory approval by the Florida Public Service Commission. Aqua America, Inc., purchased 63 of the water and wastewater systems for $13.82 million. Seminole County bought nine systems for $4.18 million. The closing of these water utility sales essentially concludes ALLETE's strategy to exit its water services holdings in the Southeast. When the strategy was launched in late 2001, ALLETE owned the largest publicly traded water and wastewater utilities in both Florida and North Carolina. Sale proceeds were used to strengthen ALLETE's balance sheet and retire debt. Headquartered in Duluth, ALLETE provides energy services in the upper Midwest. ADESA, Inc., is a provider of auctions and services for North America's vehicle remarketing industry. A subsidiary Florida Water Services Corporation, ALLETE also has significant real estate holdings in Florida.
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