American Water Works utility New Jersey American Water Thursday said it agreed to acquire the water system in South Orange Village, New Jersey, for $19.7 million.
The purchase is expected to close during the H2, and follows a referendum by residents last November that won support by 62% votes, the company said.
As part of the agreement, American Water is committing $50 million for system improvements over the next decade, including identifying and replacing all utility- and customer-owned lead and galvanized service lines by 2031.
The company will also replace all four-inch water mains and fire hydrants on the 5,000-connection network, as well as rehabilitate the main reservoir and the Newstead Watersphere, it said.
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