Indiana American Water acquires Lake Station water system for $20m

Indiana American Water, a subsidiary of American Water, has acquired the water system of Lake Station in northwest Indiana for around $20.68 million.

The acquisition of the Lake Station water system adds 3,270 plus water customers, which represents a population in excess of 8,800 residents to the customer base of Indiana American Water.

Matt Prine – Indiana American Water President said: “Indiana American Water already provides water service to much of northwest Indiana, so this is a good fit for us.

“The acquisition provides access to operations and customer service professionals for Lake Station residents and broadens the footprint of Indiana American, allowing existing customers to benefit from efficiencies in delivering service and the ability to attract capital for investment in the system.”

Indiana American Water acquires Lake Station water system for $20m. Photo courtesy of JoeyBLS/Wikipedia.org.

Approved by the Indiana Utility Regulatory Commission in August 2018, the acquisition of the Lake Station water system was completed by Indiana American Water and the City of Lake Station this week. The closing of the transaction was delayed by appeals which have been resolved now, said Indiana American Water.

The Lake Station water system will be incorporated into Indiana American Water’s Northwest Indiana Operations, which currently caters to 250,000 plus residents.

Christopher Anderson – Lake Station Mayor said: “The acquisition of our water system by Indiana American Water has several benefits to our community, including additional local and property tax revenues, the expertise and resources to address system and aging infrastructure issues, and significant proceeds from the sale to help us address financial challenges and other pressing community needs.

“This sale will position our community for continued growth and prosperity well into the future.”