Business Context and Reporting Period
This Form 8-K was filed by American Water Works Company, Inc. on December 16, 2021. The report addresses a significant corporate event regarding the divestiture of the Company's New York subsidiary.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory approval for a transaction rather than periodic financial performance.
Material Changes
The primary material change is the regulatory approval of the sale of the Company's New York subsidiary. On December 16, 2021, the New York State Department of Public Service (NYSDPS) issued an order adopting the terms of the Joint Proposal filed on November 3, 2021. This approval authorizes the Stock Purchase and the transfer of all outstanding capital stock of the New York subsidiary to Liberty Utilities (Eastern Water Holdings) Corp., an indirect, wholly owned subsidiary of Algonquin Power & Utilities Corp.
Guidance, Outlook, and Management Commentary
The NYSDPS approval satisfies the final significant remaining condition to the completion of the Stock Purchase. Consequently, management intends to complete the transaction on or about January 1, 2022. The filing does not contain forward-looking financial guidance, risk factors, or discussion of contingencies beyond the transaction completion.
Key Facts for Investor Verification
- Transaction Status: Final regulatory approval received from NYSDPS on December 16, 2021.
- Buyer: Liberty Utilities (Eastern Water Holdings) Corp., a subsidiary of Algonquin Power & Utilities Corp.
- Asset: All capital stock of American Water Works' New York subsidiary.
- Expected Closing Date: On or about January 1, 2022.
- Original Agreement: Stock Purchase Agreement dated November 20, 2019.